According to the Central Bank of Azerbaijan (CBA) press release, the local insurance companies AZERBAIJAN SENAYE Sigorta and PASHA Sigorta will ensure the national bank properties. By the tender commission's decision dated October 13, 2011 AZERBAIJAN SENAYE Sigorta insure during the year the fixed assets and cash funds of the CBA, while PASHA Sigorta became the winner of the tender for vehicles insurance (Motor hull) and will insure the vehicles under Central Bank's authority .

Also, the specialized life insurer ATESHGAH Life has won a tender procedure announced by the US Embassy in Azerbaijan for life insurance of its staff. Voluntary life insurance service is provided by the insurer for both individuals and legal entities.

In the first half of 2011, the gross written premiums of insurance companies in Azerbaijan increased by 10%, reaching EUR 86.10 million, compared with total underwritings in the correspondent period of 2010, according to XPRIMM INSURANCE REPORT 1H 2011.

AZERBAIJAN SENAYE Sigorta was the 15th company in the insurance market, with a market share of 2.83%.

PASHA Sigorta ranked 12th, with a market share of 3.74%.

Also, ATESHGAH Life Insurance Company (founded in March 1998) was the first life insurance company registered in Azerbaijan. At the end of June, ATESHGAH Life was the 11th company in the insurance market, with a market share of 4.7%.

More news and statistics about Azerbaijani insurance market.