BAKU, Azerbaijan, October 3. Total collections of 10 leading insurance companies (IC) of Azerbaijan amounted to 777 million manat ($457 million) or 91.75 percent of total insurance collections from January through August 2023, Trend reports.
The data of the Central Bank of Azerbaijan (CBA) shows that PASHA life Insurance led the ranking on the volume of insurance collections in the reporting period, accounting for 42.82 percent of collections. The company's collections amounted to 362.6 million manat ($213.2 million) from January through August 2023.
The second position in the ranking was taken by PASHA Insurance with total insurance collections of 207.8 million manat, which is $122.2 million (24.55 percent of all collections), while the third position was taken by Qala Insurance with collections of 44.1 million manat, which is $25.1 million (5.21 percent).
Total collections of all insurance companies of Azerbaijan amounted to 846.8 million manat ($498.1 million) in the reporting period of 2023.
Top 10 companies by collections from January through August 2023:
|
Name of insurance company |
Fees |
Market share by volume of collections (percent) |
Ranking |
|
Pasha life Insurance OJSC |
362.6 million manat ($213.2 million) |
42.82 |
1 |
|
Pasha Insurance OJSC |
207.8 million manat ($122.2 million) |
24.55 |
2 |
|
Qala Insurance Company OJSC |
44.1 million manat ($25.1 million) |
5.21 |
3 |
|
Ateshgah life Insurance Company OJSC |
43.5 million manat ($25.5 million) |
5.15 |
4 |
|
Ateshgah Insurance Company OJSC |
26.6 million manat ($15.6 million) |
3.15 |
5 |
|
State Insurance Company of the Azerbaijan Republic |
21.99 million manat ($12.93 million) |
2.60 |
6 |
|
Mega Insurance OJSC |
21.95 million manat ($12.91 million) |
2.59 |
7 |
|
Qala Life Insurance Company OJSC |
17.8 million manat ($10.4 million) |
2.11 |
8 |
|
Silk Way Insurance OJSC |
15.15 million manat ($8.91 million) |
1.79 |
9 |
|
Khalg Insurance OJSC |
15 million manat ($8.8 million) |
1.78 |
10 |
|
Total: |
777 million manat ($457 million) |
91.75 |
- |
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).