Azerbaijani insurance companies paid out 882.723 million manats to clients in January-September, up 198.8 million manats on the same period last year. Total insurance premiums collected over the period reached 1 billion 248.485 million manats.
According to the Central Bank of Azerbaijan (CBA), insurers paid out roughly 70.7 manats for every 100 manats collected in premiums during the reporting period. Total insurance premiums were up 91.2 million manats, or 7.9%, on the previous year.
The picture is different in mandatory insurance. Premiums collected in this segment fell to 255.611 million manats over nine months, down 19.8 million manats, or 7.2%, year on year. Payouts under mandatory insurance, however, climbed to 125.786 million manats, an increase of 20.4 million manats, or 19.3%. That left insurers paying out 49.2 manats for every 100 manats collected in mandatory premiums.
Market leaders and fastest-growing insurers
PASHA Life Insurance topped the premium rankings with 568.351 million manats, up 7.1% year on year. PASHA Insurance was second with 308.931 million manats, posting 13.2% growth. The top five also included Ateshgah Life Insurance (83.579 million manats, up 3%), Ateshgah Insurance (69.156 million manats, up 42.1%) and Gala Insurance (52.581 million manats, down 17.7%).
The sharpest growth in premiums was recorded at Mega Life Insurance, which saw its collections rise 84.4% to 22.760 million manats. Silkway Insurance grew 47.2% to 6.608 million manats. By contrast, Azerbaijan Industry Insurance’s premiums fell 20.1% to 19.781 million manats.
PASHA Life Insurance also led the field in payouts, disbursing 548.526 million manats over nine months, a 28.4% increase. PASHA Insurance ranked second with 130.899 million manats, up 27.1%, followed by Ateshgah Life Insurance with 87.753 million manats, up 84.7%. Ateshgah Insurance was fourth with 31.995 million manats, and Gala Insurance fifth with 17.999 million manats.
Mega Life Insurance stood out for the fastest growth in payouts, with its disbursements up 83.3% to 7.058 million manats. Gala Life Insurance’s payouts rose 76.4% to 3.811 million manats. In contrast, Agro Insurance’s payouts fell 61.9% to 1.894 million manats, while Khalq Life Insurance’s dropped 12.6% to 3.563 million manats.
