International Insurance, Standard Insurance and MBASK top authorized capital ranking

International Insurance, Standard Insurance and MBASK top authorized capital ranking
# 27 February 2007 09:49 (UTC +04:00)
The aggregate paid-up capital of all 29 insurers in Azerbaijan amounted to AZN 41,413,511.16 ($47.061m), up 22.4% from the previous year. The foreign investors’ total interest accounted for AZN 3,856,944.1 (9.31%) of the authorized capital. By the legislation, insurance companies have to increase their authorized capital to AZN 800,000 by January 1, 2008, to AZN 900,000 by January 1, 2009 and AZN 1m by January 1, 2010.
By the Cabinet decision dated April 9, 2004, the minimum level of the authorized capital was set at AZN 1m for also new insurers by 2010. APA-Economics ranked Azeri insurance companies for the amount of their authorized capital.

Ranking at January 1, 2007

Insurance companies

Paid-up capital (AZN, thousand)

1

International Insurance Company LLC

8 800 000

2

Standard Insurance LLC

4 000 000

3

MBASK Closed Joint Stock Company

3 750 988

4

Khalg Insurance LLC

2 000 000

5

Star Alliance Insurance CJSC

1 960 800

6

Azersığorta State Commercial Insurance Company

1 600 000

7

Alfa Insurance LLC

1 500 000

8

Azer-Asia" Joint Venture

1 173 863

9

A-Group Insurance CJSC

1 010 000

10

AzSığorta LLC

1 000 000

11

Atasığorta OJSC

1 000 000

12

AIG Caspian Insurance Company LLC

1 000 000

13

PASHA Insurance CJSC

1 000 000

14

Ateshgah" CJSC-Joint Venture

900 000

15

AzAL-Insurance JS

800 000

16

Fidan LLC

740 000

17

Bashak-Ä°nam" Joint Stock and Reinsurance Co

734 195

18

Absheron Insurance JS

720 000

19

BE&G Insurance OJSC

710 000

20

Era Trans Insurance LLC

707 079

21

Günay-Anadolu Insurance JV

706 587

22

Azərqarant JS

700 000

23

Qorqud Insurance LLC

700 000

24

CÄ° Insurance

700 000

25

Emrah Insurance

700 000

26

Kavkaz Insurance LLC

700 000

27

Nishan" JS

700 000

28

Temz Insurance Group CJSC

700 000

29

Tural Insurance JS

700 000

Total

41 413 511



The aggregate authorized capital of International Insurance Company, Standard Insurance and MBASK constituted 38% of the total authorized capital of the 29 companies.

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