AZERBAIJAN: despite all payments, PASHA Life Insurance received a profit of AZN 2 million more than planned

7 January 2021 — Marina MAGNAVAL
In 2020, the leader of the insurance market, PASHA Life, which began operations on November 24, 2010, celebrated its 10th anniversary - the number of employees increased from 8 to 250, charter capital exceeded AZN 40 million, and assets amounted to AZN 400 million (~EUR 191.48 million*), said the chairman of the Board of PASHA Life Insurance Niyaz ISMAILOV for Trend.

2020 has become a year of challenges, innovation, rapid development, and digitalization. The measures taken during the pandemic allowed the company to make a profit of AZN 2 million more than planned. According to the chairman of the Board, the estimated profit for 2020 will be about AZN 25 million, which is no less than in 2019, despite all payments.

As Niyaz ISMAILOV noted, the company completed the strategic period of 2018-2020 and achieved greater results than expected. The next strategic period is 2021-2023. The company plans to implement a digital strategy, an integral part of which will be customer focus and market expansion, and the principle of Agile management plays an essential role - as a result of this approach, automatization of processes in the company will reach 90%.

Speaking about the priority tasks of the insurance market for 2021, Executive Director of the Azerbaijan Insurers Association (AIA) Elmar MIRSALAYEV noted that one of the important issues is necessary revision of tariffs and amounts of paid claims for many insurance products, since the situation and conditions that were considered 10 years ago when determining the tariffs and amounts have changed significantly.

In the insurance market, special attention should also be paid to the development of liability insurance; another important issue is the formation of a centralized information system for compulsory property insurance. Full digitalization of contracts for this type and full automation of processes in this segment can be completed as a pilot project in 2021, as Elmar MIRSALAEV emphasized.

* at the following exchange rate:

1 EUR = 2.0890 AZN (30.12.2020)

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