Insurance market of Azerbaijan in the beginning of 2018

PASHA Sigorta collected in January 2018 more insurance premiums than any other insurance company in Azerbaijan, according to the Financial Market Supervisory Authority (MBNP), January GWP amounting to AZN 41.23 million (EUR 20.14 million) or 49.8% of total in Azerbaijan.

As a result, PASHA Sigorta became the leader among insurers in premium collection in the non-life insurance segment. The top five insurers in premium collection also included Ipek Yolu Sigorta (AZN 6.507 million or EUR 3.18 million), Ateshgah (AZN 2.912 million or EUR 1.42 million), AXA-Mbask (AZN 2.820 million or EUR 3.37 million) and Qala Sigorta (AZN 2.507 million or EUR 1.22 million).

The life insurance leader by GWP was PASHA Heyat Sigorta with AZN 14.476 million (EUR 7 million), followed by Ateshgah Heyat (AZN 3.039 million or EUR 1.48 million) and Qala Heyat Sigorta (AZN 0.955 million or EUR 0.46 million). Eight companies together collected about 90% of all the premiums during the reviewing period.

In terms of claims in the non-life segment PASHA Sigorta was also the leader in January 2018 with AZN 4.869 million (EUR 2.37 million) or 21.2% of total. The top five insurers in non-life claims also included Ateshgah (AZN 1.676 million or EUR 0.81 million), AXA-Mbask (AZN 0.866 million or EUR 0.42 million), Azersigorta (AZN 0.689 million or EUR 0.33 million) and A-Qroup (AZN 0.466 million or EUR 0.22 million).

In the life insurance segment the leader of claims in January 2018 was Ateshgah Heyat (AZN 4.373 million or EUR 2.14 million), followed by PASHA Heyat Sigorta (AZN 3.811 million or EUR 1.86 million) and Qala Heyat Sigorta (AZN 3.259 million or EUR 1.59 million). Eight companies together paid 87% of all January claims.

As of February 2018 insurance market of Azerbaijan was represented by 21 licensed insurers.

*1 EUR = 2.0467 Manat - AZN (January 31st, 2018)

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