Azerbaijani insurance company, PASHA Insurance OJSC has been assigned Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating of “bbb-” by A.M. Best Company which provides credit ratings and financial data services globally for the insurance industry. The assignment of the credit and financial ratings of PASHA Insurance is a profound case not just for PASHA Insurance, but for whole Azerbaijan insurance market.
The ratings indicate the company’s strong operating performance, risk-adjusted capitalization, and good quality reinsurance protection. Moreover, the agency acknowledges that PASHA Insurance has solid business profile taking into account several factors such as, leadership of the company for gross written premiums in 2016, its growing customer base, and most importantly, its expanding underwriting portfolio (average 26% increase each year from 2011 to 2015).
A.M. Best Company is one of the most notable companies, which focuses on insurance industry. Important to mention, PASHA Insurance OJSC is the only insurance company in Azerbaijan, that has been assigned rating for its financial strength by A.M. Best.
PASHA Insurance has been operating in the insurance market since 2006. As a member of PASHA Holding group of companies, PASHA Insurance offers 36 types of compulsory and voluntary insurance services for both individual and corporate customers. During 10 years of its activity the insurance company has indemnified its customers’ insurance claims, total amount of compensation coming out to 115 890 100 AZN. PASHA Insurance is the leader and the biggest insurer of the Azerbaijani insurance market for the amount of share capital (50 million AZN), volume of insurance premiums and compensated insurance claims and other financial and non-financial indicators.