AZERBAIJAN: PASHA Insurance saw record growth in January

12 March 2020 — Marina MAGNAVAL
In January 2020, the GWP of the leading non-life insurer of Azerbaijan, PASHA Insurance, amounted to almost half of the total market's GWP, reaching AZN 56.6 million (~USD 33.3 million), which is at the same time AZN 10.1 million (USD 5.9 million) more than the insurer's GWP a year ago, Trend reports based on the data of the Central Bank.

As the Chairperson of the board of PASHA Insurance, Ulviyya JABBAROVA noted, "the company is in the stage of intensive development. As a result of economic reforms, which are carried out in the country, the insurance sector is also developing. This affects financial performance of domestic insurers for January 2020. A steady increase in premiums of all types of insurance - both voluntary and compulsory is observed in the company", she explained.

PASHA Insurance is the non-life leader of the insurance market of Azerbaijan. Based on 2019 results, it ranked second in the market overall ranking among 22 companies. The insurer is offering insurance services under 36 types of products. Its charter capital amounts to AZN 50 million (USD 29.4 million).

* 1 USD = 1.7 AZN (as of 03.03.2020)

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