BAKU, Azerbaijan, April 1. Azerbaijan's insurance companies have put their money where their mouth is, contributing a hefty 108.6 million manat ($63.9 million) to the budget from January through February 2025.
Data obtained by Trend from the Central Bank of Azerbaijan (CBA) shows that this figure grew by 11.5 percent, or 11.2 million manat ($6.59 million), compared to the same period in 2024 (97.4 million manat, or $57.3 million).
In the reporting period, the ranking on the volume of insurance payments was headed by PASHA Life Insurance OJSC with 61 million manat ($35.9 million).
The second position in the ranking was taken by PASHA Insurance OJSC with total payments amounting to 19 million manat ($11 million), and the third position - by Ateshgah Life Insurance (6.5 million manat or $3.8 million).
Total payments of all insurance companies in Azerbaijan in the first two months of this year are shown as below.
|
Company |
Payments |
|
PASHA Life Insurance OJSC |
61 million manat ($35.9 million) |
|
PASHA Insurance OJSC |
19 million manat ($11 million) |
|
Ateshgah Life Insurance Company OJSC |
6.5 million manat or $3.8 million |
|
Ateshgah Insurance Company OJSC |
6 million manat ($3.5 million) |
|
Qala Insurance Company OJSC |
3.5 million manat ($2 million) |
|
Mega Insurance OJSC |
2.26 million manat ($1.3 million) |
|
Khalg Life Insurance OJSC |
2.17 million manat ($1.28 million) |
|
Azerbaijan Industry Insurance OJSC |
2.12 million manat ($1.25 million) |
|
A-Group Insurance Company OJSC |
1.65 million manat ($970,000) |
|
Khalg Insurance OJSC |
1.4 million manat ($820,000) |
|
Agrar Insurance OJSC |
1.17 million manat ($690,000) |
|
AtaInsurance OJSC |
687,000 manat ($404,120) |
|
Mega Life Insurance OJSC C |
681,000 manat ($400,590) |
|
AzInsurance OJSC |
313,000 manat ($184,120) |
|
Qala Life Insurance Company OJS |
149,000 manat ($87,650) |
|
Silk Way Insurance OJSC |
10,000 manat ($5,900) |
The Central Bank of the Republic of Azerbaijan executes its mandate for state regulation and oversight within the insurance sector, as delineated in Article 95 of the Law of the Republic of Azerbaijan “On Insurance Activities.” At present, there are 16 insurance entities functioning within the jurisdiction of Azerbaijan.
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