BAKU, Azerbaijan, March 28. The total payments of ten leading insurance companies in Azerbaijan amounted to 88.4 million manat or $51.9 million, 96.17 percent of total insurance payments from January through February 2024, Trend reports.
Following the reporting period's findings, Pasha Life Insurance led the ranking in terms of insurance payment volume, accounting for 53.2 percent of all companies' total insurance payments. The company paid out 51.8 million manat ($30.47 million) throughout the reporting period.
Pasha Insurance was ranked second with total payments of 18.02 million manat or $10.6 million, accounting for 18.5 percent of all payments, and Ateshgah Life Insurance was third with payments of 6.5 million manat or $3.8 million (8.97 percent).
Total payments made by all insurance firms in Azerbaijan during the reporting period was 97.4 million manat ($97.4 million).
|
Insurance OJSC |
Payments |
Market share by collections volume, % |
Ranking position |
| Pasha Life Insurance | 51.8 million ($30.5 million) | 53.2 | 1 |
| Pasha Insurance | 18.03 million ($10.6 million) | 18.5 | 2 |
| Ateshgah Life Insurance | 6.5 million ($3.8 million) | 6.68 | 3 |
| Ateshgah Insurance | 2.2 million ($1.3 million) | 3.09 | 4 |
| Khalg Insurance | 1.95 million ($1.15 million) | 2.28 | 5 |
| A-Group Insurance | 1.94 million($1.14 million) | 2.0 | 6 |
| Mega Insurance | 1.7 million ($1 million) | 1.99 | 7 |
| Agrar Insurance | 1.5 million ($885,234) | 1.75 | 8 |
| Qala Insurance | 1.37 million ($809,411) | 1.59 | 9 |
| Azerbaijan Industry Insurance | 1.28 million ($752,940) | 1.41 | 10 |
| TOTAL | 88.4 million ($52 million) | 92.5 | - |
Meanwhile, the total payouts of the top 10 insurance companies in Azerbaijan amounted to 557.3 million manat or $327.8 million, 94.9 percent of the total insurance payouts in 2023.