International Insurance Company shows an example of sustainable insurance business - State Insurance Supervision Service’s data
Baku, Fineko/abc.az. The Azerbaijani insurance market’s leaders on premiums, excluding the ones on life insurance, for Jan-May 2012 totaled only AZN 124.076 million (overall premiums: AZN 144.7 million) and compensation payments of AZN 32.5 million (AZN 32.9 million).
The State Insurance Supervision Service under the Ministry of Finance of Azerbaijan reports that exclusion of life insurance companies from the general statistics does not affect the premiums of the first Top 5 insurers, but "returns" such popular insurers as Xalq Sigorta (AZN 5.48 million) and Ata Sigorta (AZN 5.3 million) in the second Top 5.
The Service informs that if to exclude life insurers, the market leaders on premiums for Jan-May 2012 are Pasha Insurance (AZN 25.7 million), AzSigorta (AZN 15.159 million), Ateshgah Sigorta (AZN 14.49 million), Azersigorta (AZN 10.5 million), Standard Insurance (AZN 9.79 million), AXA MBASK (AZN 8.1 million) (in this case the Company rises from 7th up to 6th place), International Insurance Company (AZN 6.429 million) (from 9th up to 7th place), A-Qroup (AZN 5.585 million) (from 10th to 8th place), Xalq Sigorta (AZN 5.48 million) (from 11th to 9th) and Ata Sigorta (AZN 5.3 million (from 12th to 10th place).
At that, the International Insurance Company is the only member of Top 10 leaders of the insurance market, excluding life insurance, which does not have permission for compulsory insurance. An example of this company shows that (a) the potential of voluntary insurance in Azerbaijan has not been exhausted, and that (b) technical (limited number of insurers admitted to compulsory insurance) and principal (division of licenses into general insurance and life insurance) restrictions on insurance activities will not affect adversely the stability of the insurance business. Precisely such business, as Service’s data shows, was created by the IIC.
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