OREANDA-NEWS. January 30, 2009. Trio of Azerbaijan’s insurance companies has strengthened its leading positions following activities at the domestic insurance market in 2008.

The Ministry of Finance of Azerbaijan informs that as well as in 2007, following activity for 2008 state insurance Azersigorta, Mbask and Ateshgah have formed Top 3 List in insurance sector for 2008.

Azersigorta could seize the leading position once more with premiums of AZN 21.81 million and paid compensations of AZN 12.79 million.

The only company that managed to keep its 2nd position since early 2008 was Mbask (AZN 18.55 million of premiums and AZN 5.96 million of compensation payments).

The third position on charge of premiums in 2008 belongs to Ateshgah that entered Top 5 from the previous quarter and could keep this position following 2008 (AZN 16.35 million of premiums and AZN 4.44 million of compensations).

International Insurance Company (IIC) that ranked the 2nd following the first quarter of 2008 in Top 5 and then became the fourth following the first half-year and the third quarter of 2008 kept its fourth place with premiums of AZN 15.44 million and paid compensations of AZN 4.07 million.

Standard Insurance ousted Azal Sigorta from Top 5 and ranks the fifth following 2008, although following 2007 it ranked the fourth. Its premiums in 2008 totaled AZN 14.02 million and paid compensations AZN 4.51 million.

Azal Sigorta, the leader following the first quarter and half-year of 2008 failed to enter Top 5 folowing the passed year.

The most close to Top 5 List following 2008 were Azal Sigorta with premiums of AZN 13.42 million, AzSigorta with AZN 9.59 million and Xalq Sigorta with AZN 8.77 million.

The final report for 2008 was made on activities of 28 insurance companies. For the reported period licenses of insurers Azer Asiya and Absheron was halted and a new company, Qala Sigorta, appeared at the insurance market (for the first couple of months of its activity it gathered AZN 60,000 of insurance premiums).

For 2008 domestic insurers’ overall premiums reached AZN 179.26 million and paid compensations AZN 49.81 million.