Azerbaijan's leading PASHA Insurance company discloses results for January

3 March 2020 18:30 (UTC+04:00)

By Trend

The Azerbaijani leading PASHA Insurance company has shown record growth in insurance premiums in January 2020, Trend reports on March 3 referring to a report of the Azerbaijani Central Bank.

Over the reporting period, the company collected insurance premiums in the amount of 56.6 million manat ($33.3 million), which is almost half of all premiums collected in the country's market and 10.1 million manat ($5.9 million) more than the company collected in January 2019.

Traditionally, the major share of these fees accounts for the agreement on voluntary medical insurance for employees of the State Oil Company of Azerbaijan (SOCAR), the amount of premiums for which exceeds 35 million manat ($20.6 million). At the same time, a great increase in premiums occurred in other types of insurance.

“The company is in the stage of intensive development,” Chairperson of the board of the company Ulviyya Jabbarova said. “As a result of economic reforms which are carried out in the country, the insurance sector is also developing. This affects the financial performance of domestic insurers for January 2020. A steady increase in premiums on all types of insurance - both voluntary and compulsory is observed in the company.”

‘The collection of fees related to property insurance, voluntary health insurance, car insurance and many other types has greatly increased,” the chairperson said. “Moreover, these funds were mainly attracted from clients belonging to the non-oil sector of the economy, which testifies to its steady development.”

PASHA Insurance company collected insurance premiums worth 46.4 million manat ($27.3 million) in January 2019, 41.2 million manat ($24.2 million) in January 2018, 37.7 million manat ($22.2 million) in January 2017 and 35.2 million manat ($20.7 million) in January 2016.

PASHA Insurance company is a recognized leader in the non-life insurance market in Azerbaijan. The authorized capital of the company is 50 million manat ($29.4 million). It renders insurance services on 36 voluntary and compulsory types of insurance for 300,000 corporate and individual clients.

As a result of the activity in 2019, the company collected insurance premiums in the amount of 150.2 million manat ($88.3 million) and paid insurance indemnities in the amount of 52.8 million manat (over $31 million), ranking second in the ranking of domestic insurers.

Today, 22 insurance companies and one reinsurance company operate in Azerbaijan.

(1 USD = 1.7 AZN on March 3)

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