AZERBAIJAN: PASHA Insurance assigned 'BB+' rating, outlook stable

21 April 2020 — Marina MAGNAVAL
S&P Global Ratings assigned its 'BB+' long-term insurer financial strength and issuer credit ratings to Azerbaijan-based PASHA Insurance, the outlook is stable, the agency said in its report.

According to S&P, the ratings reflect their view of the company's leading position in the property and casualty insurance market of Azerbaijan and solid underwriting performance. The agency noted the company's high incomes and profit, as well as its capital adequacy and the quality of reinsurance coverage.

Based on the 2019 results, PASHA Insurance ranked second in terms of GWP with its market share of more than 22%. Moreover, the company keeps 36% of the personal insurance market and expects to maintain this level over the next two years, the insurer said, commenting the report.

As Shakhin MAMEDOV, the chief risk manager of PASHA Insurance, emphasized - "the credit rating of a company operating in a country cannot be higher than the sovereign rating of the country, and we've reached the maximum possible result. As for the rating, the level of '+' is pretty high. By analyzing this rating, the agency ranked high our company's market share, capital adequacy, quality of reinsurance coverage, development prospects and team professionalism. This confirms that PASHA Insurance has sufficient financial stability and is able to fulfill its insurance obligations", he said.

PASHA Insurance has been operating since 2006 and provides 36 types of voluntary and compulsory insurance services. The company is one of the leading largest insurers on the Azerbaijani market in terms of capital, GWP, paid claims and other indicators.

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