Two Insurers from "Family" Clan Gather Nearly a Third of all Premiums

The share of two representatives of Pasha Holding in the local insurance market amounted to 26.76%, and both of them, Pasha Sigorta (48,25 million AZN) and Pasha Hayat Sigorta (42.55 million AZN) are located at the first positions of the premium rating.

According to the report of the Association of Insurers of Azerbaijan, the entire financial sector for January-September raised 339.3 million AZN, more than half of which (54.7%) was provided by the leading five. There, apart from those who directly represents the interests of the Pashayev family (closest relatives of the First Lady), we could see Ateshgah (35.3 million AZN), Ateshgah Hayat (30.2 million AZN) and state-owned commercial company Azersigorta (29,3 million manats).

Note that the amount of premiums of 6 companies for 9 months of the year did not exceed 1 million manats, while 4 of them collected less than a half that automatically casts doubt on the profitability of their activities.

The largest payments also fell on the race leader - JSC Pasha Sigorta (21.7 million AZN or 17% of all payments). Together, the market participants’ payments for insurance claims amounted to 127.4 million manats. Their ratio to premiums by October 1 amounted to 37.6 compared to 100 manats - this figure rose in the last 3 years. --17D-