BAKU, Azerbaijan, August 21. Total collections of 10 leading insurance companies (IC) of Azerbaijan amounted to 697 million manat ($409 million) or 91 percent of total insurance collections from January through July 2023, Trend reports.
According to the Central Bank of Azerbaijan (CBA), PASHA life Insurance topped the ranking on the volume of insurance collections in the reporting period, accounting for 42 percent of collections from January through July 2023. The company's collections amounted to 327 million manat ($192 million).
The second position in the ranking was taken by PASHA Insurance with total insurance collections of 188 million manat ($110 million) (24 percent of all collections), the third position was taken by Qala Insurance with collections of 41 million manat ($24 million) (5 percent).
Total collections of all insurance companies of Azerbaijan amounted to 761 million manat ($447 million) from January through July 2023.
Top 10 insurance companies of Azerbaijan by collections from January through July 2023:
|
Name of insurance company |
Fees (in manats) |
Market share by volume of collections |
Ranking |
|
"Pasha life Insurance" |
327 million manat ($192 million) |
42% |
1 |
|
"Pasha Insurance" |
188 million manat ($110 million) |
24% |
2 |
|
"Qala Insurance" Company |
41 million manat ($24 million) |
5% |
3 |
|
"Ateshgah life" Insurance Company |
38 million manat ($22 million) |
5% |
4 |
|
"Ateshgah" Insurance Company |
21 million manat ($12 million) |
2% |
5 |
|
"Mega Insurance" |
19 million manat ($11 million) |
2% |
6 |
|
State Insurance Company Azerbaijan |
18 million manat ($10 million) |
2% |
7 |
|
"Qala Life" Insurance Company |
14 million manat ($8 million) |
1% |
8 |
|
"Silk Way Insurance" |
14 million manat ($8 million) |
1% |
9 |
|
"Aqrar Sığorta" Açıq Səhmdar Cəmiyyəti |
13 million manat ($7 million) |
1% |
10 |
|
TOTAL |
697 million manat ($409 million) |
91% |
- |
Earlier in 2022, the total collections of 10 leading insurance companies of Azerbaijan amounted to 881 million manat ($518 million) or 90 percent of the total insurance collections, while the total collections of all insurance companies of Azerbaijan in the reporting period amounted to 970 million manat ($570 million).