BAKU, Azerbaijan, January 29. The total collections of the top 10 insurance companies in Azerbaijan for 2024 reached 1.2 billion manat ($710 million), representing 95.25 percent of the overall insurance collections.
The data obtained by Trend from the Central Bank of Azerbaijan (CBA) shows that PASHA Life Insurance topped the ranking on the volume of insurance collections (594.39 million manat or $349.64 million) in the reporting year, accounting for 43.93 percent of collections.
PASHA Insurance took the second position in the ranking with total insurance collections of 317.5 million manat or $186.76 million (23.47 percent of all collections), and Ateshgah Life Insurance ranked third with collections of 90.9 million manat or $53.47 million (6.72 percent).
Total collections of all insurance companies in Azerbaijan from January through November 2024 amounted to 1.35 billion manat ($790 million).
|
Insurance company |
Collections |
Market share by collections volume, % |
Ranking position |
|
PASHA Life Insurance OJSC |
594.39 million manat ($349.64 million) |
43.93 |
1 |
|
PASHA Insurance OJSC |
317.5 million manat ($186.76 million) |
23.47 |
2 |
|
Ateshgah Life Insurance Company OJSC |
90.9 million manat ($53.47 million) |
6.72 |
3 |
|
Qala Insurance Company OJSC |
79.35 million ($6.68 million) |
5.86 |
4 |
|
Ateshgah Insurance Company OJSC |
76 million ($44.7 million) |
5.65 |
5 |
|
Mega Insurance OJSC |
36 million ($21 million) |
2.68 |
6 |
|
Qala Life Insurance Company OJSC |
25.67 million ($15 million) |
1.9 |
7 |
|
Azerbaijan Industry Insurance OJSC |
24.9 million ($14.6 million) |
1.84 |
8 |
|
Khalg Insurance OJSC |
24.7 million ($14.5 million) |
1.83 |
9 |
|
A-Group Insurance OJSC |
18.7 million ($11 million) |
1.38 |
10 |
|
TOTAL |
1.29 billion manat ($760 million) |
95.25 |
- |
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.