BAKU, Azerbaijan, November 26. Total collections of 10 leading insurance companies in Azerbaijan amounted to 937.27 million manat ($551.3 million), or 91.91 percent of total insurance collections from January through October 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 with 437.18 million manat ($257.16 million) in the reporting period, accounting for 42.87 percent of collections. Meanwhile, the second position in the ranking was taken by PASHA Insurance with total insurance collections of 248.9 million manat ($146.4 million), which is 24.42 percent of all collections, while the third position was taken by Ateshgah Life Insurance with collections of 54.58 million manat or $32.1 million (5.35 percent).
Total collections of all insurance companies in Azerbaijan amounted to one million manat ($590,000) in the reporting period of 2023.
Top 10 companies by collections from January through October 2023:
|
Name of the insurance company |
Fees |
Market share by volume of collections (%) |
Ranking |
|
Pasha Life Insurance OJSC |
437.18 million manat ($257.16 million) |
42.87 |
1 |
|
Pasha Insurance OJSC |
248.9 million manat ($146.4 million) |
24.42 |
2 |
|
Ateshgah Life Insurance Company, OJSC |
54.58 million manat ($32.1 million) |
5.35 |
3 |
|
Qala Insurance Company OJSC |
50.3 million manat ($29.59 million) |
4.94 |
4 |
|
Ateshgah Insurance Company, OJSC |
34 million manat ($20 million) |
3.34 |
5 |
|
State Insurance Company of the Azerbaijan Republic |
28.8 million manat ($16.9 million) |
2.83 |
6 |
|
Mega Insurance OJSC |
26.9 million manat ($15.8 million) |
2.64 |
7 |
|
Qala Life Insurance Company OJSC |
21.4 million manat ($12.59 million) |
2.10 |
8 |
|
Khalg Insurance OJSC |
18.68 million manat ($10.9 million) |
1.83 |
9 |
|
Azerbaijan Industry Insurance |
16.19 million manat ($9.5 million) |
1.59 |
10 |
|
Total: |
937.27 million manat ($551.3 million) |
91.91 |
- |
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).