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Azerbaijan reveals top-10 leading insurance companies in 4M2023

Finance Materials 22 May 2023 18:40 (UTC +04:00)
Azerbaijan reveals top-10 leading insurance companies in 4M2023
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, May 22. The total fees of the 10 leading insurance companies of Azerbaijan amounted to 435.7 million manat ($256.2 million) or 93.2 percent of the total insurance fees from January through April 2023, the Central Bank of Azerbaijan (CBA) told Trend.

According to the CBA, the ranking in terms of insurance fees was headed by PASHA life Insurance during the reporting period, which accounted for 43.06 percent of fees for the reporting period. The company's fees in the reporting period of 2023 amounted to 201.3 million manat ($118.4 million).

The second position in the ranking was taken by PASHA Insurance with a total amount of insurance fees of 121.5 million manat or $71.4 million (26 percent of all fees), followed by Qala Insurance on the third position with fees of 33.7 million manat or $19.8 millon (7.23 percent).

The total fees of all insurance companies of Azerbaijan amounted to 467.5 million manat ($274.9 million) during the reporting period of 2023.

Top-10 leading insurance companies of Azerbaijan by fees from January through April 2023:

Name of insurance company

Fees (manat)

Share of fees in market (%)

Place in ranking

Pasha life Insurance

201,305 ($118,414)

43.06

1

Pasha Insurance

121,562 ($71,507)

26

2

Qala Insurance

33,788 ($19,875)

7.23

3

Ateshgah life Insurance

22,242 ($13,083)

4.76

4

Aqrar Sığorta

10,530 ($6,194)

2.25

5

Mega Insurance

10,422 ($6,130)

2.23

6

Ateshgah Insurance

9,722 ($5,718)

2.08

7

State Insurance Company of the Azerbaijan Republic

9,293 ($5,466)

1.99

8

Khalg Insurance

8,865 ($5,214)

1.90

9

Qala Life Insurance

8,021 ($4,718)

1.72

10

In total

435,750 ($256, 323)

93.20

-

The total fees of the 10 leading insurance companies of Azerbaijan amounted to 881.8 million manat ($518.7 million) or 90.83 percent of the total insurance fees, and the total fees of all insurance companies of Azerbaijan during the reporting period amounted to 970.8 million manat ($571 million) in 2022.

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