BAKU, Azerbaijan, October 23. Total collections of 10 leading insurance companies (IC) in Azerbaijan amounted to 860.49 million manat ($506.17 million), or 91.81 percent of total insurance collections from January through September 2023, Trend reports.
The data from the Central Bank of Azerbaijan (CBA) showed that PASHA Life Insurance led the ranking on the volume of insurance collections in the reporting period, accounting for 42.97 percent of collections. The company's collections amounted to 402.7 million manat ($236.8 million) in the reporting period.
Meanwhile, the second position in the ranking was taken by PASHA Insurance with total insurance collections of 226.57 million manat ($133.28 million), which is 24.18 percent of all collections, while the third position was taken by Ateshgah Life Insurance with collections of 48.9 million manat or $28.7 million (5.22 percent).
Total collections of all insurance companies in Azerbaijan amounted to 937.2 million manat ($551.29 million) in the reporting period of 2023.
Top 10 companies by collections from January through September 2023:
|
Name of the insurance company |
Fees |
Market share by volume of collections (%) |
Ranking |
|
Pasha Life Insurance OJSC |
402.7 million manat ($236.8 million) |
42.97 |
1 |
|
Pasha Insurance OJSC |
226.57 million manat ($133.28 million) |
24.18 |
2 |
|
Ateshgah Life Insurance Company, OJSC |
48.9 million manat or $28.7 million |
5.22 |
3 |
|
Qala Insurance Company OJSC |
47.9 million manat ($28.18 million) |
5.12 |
4 |
|
Ateshgah Insurance Company, OJSC |
30.88 million manat ($18.16 million) |
3.3 |
5 |
|
State Insurance Company of the Azerbaijan Republic |
26.67 million manat ($15.69 million) |
2.85 |
6 |
|
Mega Insurance OJSC |
24.8 million manat ($14.59 million) |
2.65 |
7 |
|
Qala Life Insurance Company OJSC |
19.2 million manat ($11.29 million) |
2.05 |
8 |
|
Silk Way Insurance OJSC |
17.09 million manat ($10.05 million) |
1.82 |
9 |
|
Khalg Insurance OJSC |
15.5 million manat ($9.1 million) |
1.66 |
10 |
|
Total: |
860.49 million manat ($506.17 million) |
91.81 |
- |
Earlier in 2022, the total collections of 10 leading insurance companies of Azerbaijan amounted to 881.8 million manat ($518.7 million), or 90.83 percent of the total insurance collections, while the total collections of all insurance companies in Azerbaijan in the reporting period amounted to 970.8 million manat ($571 million).