BAKU, Azerbaijan, January 22. Total collections of 10 leading insurance companies in Azerbaijan amounted to 1.1 billion manat ($650 million), or 91.99 percent of total insurance collections in 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 517.46 million manat ($303.39 million) in the reporting year, accounting for 42.33 percent of collections.
Meanwhile, the second position in the ranking was taken by PASHA Insurance with total insurance collections of 293.09 million manat ($172.4 million), which is 23.97 percent of all collections, while Ateshgah Life Insurance ranked third with collections of 71.58 million manat or $42.1 million (5.86 percent).
Total collections of all insurance companies in Azerbaijan amounted to 1.2 billion manat ($710 million) last year.
|
Name of the insurance company |
Fees |
Market share by volume of collections (%) |
Ranking |
|
Pasha Life Insurance OJSC |
517.46 million manat ($303.39 million) |
42.33 |
1 |
|
Pasha Insurance OJSC |
293.09 million manat ($172.4 million) |
23.97 |
2 |
|
Ateshgah Life Insurance Company OJSC |
71.58 million manat or $42.1 million |
5.86 |
3 |
|
Qala Insurance Company OJSC |
64.35 million manat ($37.85 million) |
5.26 |
4 |
|
Ateshgah Insurance Company OJSC |
44.86 million manat ($26.39 million) |
3.67 |
5 |
|
Mega Insurance OJSC |
33.85 million manat ($19.9 million) |
2.77 |
6 |
|
State Insurance Company of the Azerbaijan Republic |
28.86 million manat ($16.98 million) |
2.36 |
7 |
|
Qala Life Insurance Company OJSC |
25.35 million manat ($14.9 million) |
2.07 |
8 |
|
Khalg Insurance OJSC |
24.07 million manat ($10.9 million) |
1.97 |
9 |
|
A-Group Insurance Company OJSC |
21.1 million manat ($12.4 million) |
1.73 |
10 |
|
Total: |
1.1 billion manat ($650 million) |
91.99 |
- |
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).