BAKU, Azerbaijan, April 1. As reported earlier, the insurance premium totaling 281.2 million manat ($165.4 million) was collected via insurance companies in Azerbaijan from January through February 2025, which is a growth of 17.2 percent or 41.5 million manat ($24.4 million) compared to the same period in 2024.
Data obtained by Trend from the Central Bank of Azerbaijan (CBA) shows that among the top performers, "Qala Insurance" OJSC saw the largest growth, collecting 19.2 million manat ($11.2 million) in premiums, which represents a 107.5 percent increase compared to the same period last year.
On the other hand, "AzSıgorta" OJSC experienced the largest decrease, with its premiums falling by 42.3 percent to 1.4 million manat ($823.5) compared to the previous year.
The full ranking of insurance companies based on premium growth from January through February 2025 is as follows:
|
Company |
January-February, 2025 (in manat) |
January-February, 2024 (in manat) |
Annual dynamics, % |
|
Qala Life Insurance Company OJSC |
19.2 million manat ($11.2 million) |
9.26 million manat ($5.4 million) |
107.5 percent |
|
Mega Life Insurance OJSC |
2.58 million manat ($1.5 million) |
1.31 million manat ($770.5) |
96.4 percent |
|
Khalg Insurance OJSC |
5.3 million manat ($3.1 million) |
3.33 million manat ($1.9 million) |
60.5 percent |
|
Ateshgah Life Insurance Company OJSC |
16.7 million manat ($9.8 million) |
12.4 million manat ($7.2 million) |
34.7 percent |
|
Qala Life Insurance Company OJSC |
4.91 million manat ($2.88 million) |
3.87 million manat ($2.2 million) |
26.8 percent |
|
PASHA Life Insurance OJSC |
100.3 million manat ($59 million) |
81.3 million manat ($47.8 million) |
23.3 percent |
|
Ateshgah Insurance Company OJSC |
9.63 million manat ($5.66 million) |
8.18 million manat ($4.81 million) |
17.7 percent |
|
Silk Way Insurance OJSC |
454 million manat ($267 million) |
386 million manat ($227 million) |
17.6 percent |
|
Agrar Insurance OJSC |
7.9 million manat ($4.6 million) |
7 million manat ($4.11 million) |
12.1 percent |
|
Azerbaijan Industry Insurance OJSC |
5.5 million manat ($3.2 million) |
5 million manat ($2.94 million) |
8.9 percent |
|
Khalg Life Insurance OJSC |
1.8 million manat ($1 million) |
1.6 million manat ($941,1) |
7.3 percent |
|
PASHA Insurance OJSC |
95.1 million manat ($55.9 million) |
90.7 million manat ($53.3 million) |
4.9 percent |
|
A-Group Insurance Company OJSC |
2.9 million manat ($1.7 million) |
3.2 million manat ($1.8 million) |
-7.1 percent |
|
AtaInsurance OJSC |
1.7 million manat ($1 million) |
1.85 million manat ($1 million) |
-8.3 percent |
|
Mega Insurance OJSC |
5.3 million manat ($3.1 million) |
6.85 million manat ($4 million) |
-22.2 percent |
|
AzInsurance OJSC |
1.4 million manat ($823,5) |
2.4 million manat ($1.4 million) |
-42.3 percent |
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.
