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The Central Bank of Azerbaijan (CBA) announced the financial indicators of the insurance sector for January-October of this year.
"APA-Economics" has prepared the rankings of insurance companies according to the volume and dynamics of collections with reference to CBA.
According to the volume of insurance collections, the market leader was "Pasha Hayat Sığorta" company.
The company managed to collect more than 343 million manat insurance premiums in the ten months of this year.
"Megha Hayat Sigorta" company was the first in terms of the relative growth dynamics of insurance collections.
In general, 14 out of 20 companies in the insurance sector increased their collections, while the collections of 6 companies decreased.
In addition to "Azersıgorta" and "Atasıgorta", "Megha Sığorta", "Gunay Sığorta", "Gala Sığorta" and "Nakhchivan Sığorta" were able to collect less than in the same period of last year.
Name of Insurer | January-October/22 |
Collection (in thousand manats) | |
"Pasha Life Insurance" Open Joint Stock Company | 343 083 |
"Pasha Insurance" Open Joint Stock Company | 182 918 |
"Ateshgah Hayat" Insurance Company Open Joint Stock Company | 40 382 |
"Gala Insurance" Open Joint Stock Company | 34 707 |
"Xalq Sigorta" Open Joint Stock Company | 34 199 |
"Ateshgah" Insurance Company Open Joint Stock Company | 24 498 |
"Silk Road Insurance" OJSC | 19 463 |
"Mega Insurance" Open Joint Stock Company | 17 895 |
"Gala Hayat" Insurance Company Open Joint Stock Company | 17 018 |
"A-Group Insurance Company" Open Joint Stock Company | 14 531 |
"Azerbaijan Industrial Joint Stock Company" Open Joint Stock Company | 12 326 |
State Insurance Commercial Company of the Republic of Azerbaijan | 11 713 |
"AzSigorta" Open Joint Stock Company | 9 818 |
"Agrar Insurance" Open Joint Stock Company | 7 940 |
"Xalq Hayat" Insurance Company Open Joint Stock Company | 7 063 |
"Gunay Sigorta" Open Joint Stock Company | 6 402 |
"Baku Insurance" Open Joint Stock Company | 5 400 |
"AtaSigorta" Open Joint Stock Company | 4 297 |
Mega Life Insurance Open Joint Stock Company | 2 021 |
"Nakhchivansıgorta" Open Joint Stock Company | 1 952 |
FINAL | 797 625 |
Ranking of insurance companies according to the dynamics of collections:
Name of Insurer | Collection dynamics |
Mega Life Insurance Open Joint Stock Company | 428.8% |
"Agrar Insurance" Open Joint Stock Company | 70.3% |
"Xalq Hayat" Insurance Company Open Joint Stock Company | 38.1% |
"Xalq Sigorta" Open Joint Stock Company | 36.3% |
"Pasha Life Insurance" Open Joint Stock Company | 33.1% |
"Silk Road Insurance" OJSC | 30.3% |
"A-Group Insurance Company" Open Joint Stock Company | 29.3% |
"Baku Insurance" Open Joint Stock Company | 29.0% |
"Ateshgah" Insurance Company Open Joint Stock Company | 26.3% |
"Ateshgah Hayat" Insurance Company Open Joint Stock Company | 18.1% |
"Azerbaijan Industrial Joint Stock Company" Open Joint Stock Company | 16.7% |
"Pasha Insurance" Open Joint Stock Company | 16.0% |
"AzSigorta" Open Joint Stock Company | 4.4% |
"Gala Hayat" Insurance Company Open Joint Stock Company | 3.2% |
"Nakhchivansıgorta" Open Joint Stock Company | -0.8% |
"Gala Insurance" Open Joint Stock Company | -8.4% |
"Mega Insurance" Open Joint Stock Company | -19.8% |
"Gunay Sigorta" Open Joint Stock Company | -26.0% |
"AtaSigorta" Open Joint Stock Company | -57.9% |
State Insurance Commercial Company of the Republic of Azerbaijan | -78.1% |