BAKU, Azerbaijan, June 25. The total collections of the 10 top insurance companies in Azerbaijan hit the jackpot, reaching a whopping 616.4 million manat ($362.6 million), or 95.75 percent of total insurance collections from January through May 2024, Trend reports.
Data from the Central Bank of Azerbaijan (CBA) shows PASHA Life Insurance took the cake when it came to the volume of insurance collections. They raked in a whopping 301.86 million manat ($177.56 million) in the reporting period, making up a solid 46.89 percent of all collections.
In the meantime, PASHA Insurance clinched the silver medal in the ranking, raking in a whopping 154.29 million manat or $90.76 million (making up 23.97 percent of all collections). Qala Insurance, on the other hand, secured the bronze position with a respectable 43.76 million manat or $25.7 million (accounting for 6.66 percent).
Total collections of all insurance companies in Azerbaijan amounted to 643.75 million manat ($378.7 million) in the first five months of this year.
|
Insurance OJSC |
Collections, manat |
Market share by collections volume, % |
Ranking position |
|
Pasha Life Insurance |
301.86 million manat ($177.56 million) |
46.89 |
1 |
|
Pasha Insurance |
154.29 million manat ($90.76 million) |
23.97 |
2 |
|
Qala Insurance |
43.76 million manat ($25.7 million) |
6.8 |
3 |
|
Ateshgah Life Insurance |
39.48 million ($23.2 million) |
6.13 |
4 |
|
Ateshgah Insurance |
21.87 million ($12.86 million) |
3.4 |
5 |
|
Mega Insurance |
14.9 million ($8.7 million) |
2.31 |
6 |
|
Azerbaijan Industry Insurance |
11 million ($6.47 million) |
1.73 |
7 |
|
Qala Life Insurance |
9.8 million ($5.76 million) |
1.52 |
8 |
|
Khalg Insurance |
9.68 million ($5.69 million) |
1.5 |
9 |
|
Agrar Insurance |
9.59 million ($5.6) |
1.49 |
10 |
|
TOTAL |
616.4 million ($362.6 million) |
95.75 |
- |
To note, the total collections of 10 leading insurance companies in Azerbaijan amounted to 1.12 billion manat ($660 million), or 91.99 percent of the total insurance collections in 2023.