Pasha Insurance

What Pasha Insurance does

PASHA Insurance OJSC is the market leader in Azerbaijan's non-life insurance sector, operating since 2006 under license No. 476 issued by the Financial Markets Control Chamber. The company is a subsidiary of PASHA Holding LLC and offers 36 types of compulsory and voluntary insurance products across motor (Full CASCO, Optimal CASCO, Parking CASCO, compulsory), property (Yasil Azerbaycan, Compulsory Home, Yakhin Gonshu, EVrika, household items), travel (overseas, domestic, student), and health (Mektebli, Corporate, Medico, Alternativ) categories. It serves approximately 700,000 individual and corporate customers with AZN 50 million in capital and dual international ratings (S&P BB+, AM Best BBB/B++ with Stable outlook).

The company operates a hybrid physical-digital distribution model: 14 representative offices across Azerbaijan (Baku HQ plus Sumqayit, Ganja, Agsu, Khachmaz, Lankaran, Zagatala, Barda, Shirvan, Goychay, Sabirabad, Nakhchivan, Tovuz, Shusha), a 24/7 call center at *7000, an iOS/Android mobile application, and an online customer cabinet for self-service policy management. Revenue is generated primarily through recurring insurance premiums across voluntary and compulsory lines, with corporate sales teams and relationship managers serving enterprise clients in oil & gas, construction, finance, and healthcare. The platform integrates with payment providers (Hesab.az, MilliÖN), installment services (BirKart, TamKart), and an extensive medical partner network for health insurance fulfillment, including a partnership with the Aloe+ prescription delivery app.

PASHA Insurance generated AZN 143,239,000 in indemnification payments to customers in 2024 and maintains active product launches, promotional campaigns, and partnerships (including a 2026 memorandum with Sea Breeze). The business combines traditional insurance distribution with a digital-first acquisition layer, evidenced by online quote-and-purchase capabilities, the mobile app's doctor appointment booking, and the Customer Cabinet platform.

Name

Pasha Insurance

Legal name

PASHA Insurance Open Joint Stock Company

Website

https://pasha-insurance.az

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

251–500 employees

Short description

PASHA Insurance is Azerbaijan's leading non-life insurer, offering 36 compulsory and voluntary insurance products across motor, property, travel, and health lines to approximately 700,000 individual and corporate customers through 14 offices and a digital platform.

Ownership category

akta.pro rank

Product category

Non-Life Insurance

NAICS

Direct Property and Casualty Insurance Carriers (524126), Direct Insurance (except Life, Health, and Medical) Carriers (52412)

SIC

Fire, Marine & Casualty Insurance (6331), Insurance Carriers, Nec (6399)

akta.pro primary industry

Travel & Accident (Non-Life) Insurance (FSAJAMAN)

akta.pro secondary industry

Commercial Package / Business Owners Policies (BOP) (FSAJAMAG)

Keywords

• Non-life insurance
• Motor insurance
• Property insurance
• Travel insurance
• Health insurance

Headquarters

HQ city

Baku

HQ country

Azerbaijan

HQ region

Asia

Offices14 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Supply Chain, Infrastructure

Revenue model

1. Insurance Premiums: Core revenue generated from collecting insurance premiums across motor, property, travel, and health insurance products. Premiums are paid annually or per coverage period and represent the primary revenue stream.
2. Corporate Insurance Services: Revenue from providing tailored corporate health and property insurance packages to businesses, with custom coverage options based on company size and needs.
3. Additional Coverage Add-ons: Revenue from optional add-ons such as third-party liability coverage, personal accident insurance for drivers/passengers, and extended coverage limits purchased on top of base policies.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

Pasha Insurance is a non-life insurance company that underwrites and distributes motor, property, travel, and health insurance products to individuals and corporate clients in Azerbaijan. The portfolio spans 36 compulsory and voluntary insurance products (including Full CASCO, Optimal CASCO, Parking CASCO, Yasil Azerbaycan, Compulsory Home Insurance, Overseas/Domestic/Student Travel, Mektebli, Corporate Health, Medico, and Alternativ), sold and serviced through 14 physical offices, a website, a mobile app, a Customer Cabinet portal, and a 24/7 call center.

Product overview

PASHA Insurance is a non-life insurance company offering 36 types of compulsory and voluntary insurance services to approximately 700,000 individual and corporate customers in Azerbaijan. The product portfolio is organized into four main categories: Motor Insurance (Full CASCO, Optimal CASCO, Parking CASCO, and Compulsory Motor Insurance), Property Insurance (Yasil Azerbaycan, Compulsory Home Insurance, Yakhin Gonshu, EVrika, and Household/Movable Property Insurance), Travel Insurance (Overseas, Domestic, and Student Travel), and Health Insurance (Mektebli for school children, Corporate Health, Medico, and Alternativ for SMEs). The company operates a digital platform including a mobile app and customer cabinet for policy management, online claims, and doctor appointments, supported by a network of partner clinics and pharmacies. Services are available online with installment payment options and 24/7 customer support via *7000 hotline.

Differentiator

Problem solved

Functional benefit

Brands

• Yuvam: Home insurance product
• Aloe+
• Optimal CASCO
• Full CASCO
• Parking CASCO
• Yasil Azerbaycan
• EVrika
• Yakhin Gonshu
• Mektebli
• Medico
• Alternativ
• Yuvam

Products and services

• Full CASCO
• Optimal CASCO
• Parking CASCO
• Compulsory Motor Insurance
• Yasil Azerbaycan Property Insurance
• Compulsory Home Insurance
• Yakhin Gonshu (Nearby Neighbor) Liability Insurance
• EVrika Property Insurance
• Household Items Insurance
• Screen Insurance
• Movable Property Insurance
• Overseas Travel Insurance
• Domestic Travel Insurance
• Student Travel Insurance
• Mektebli Health Insurance
• Corporate Health Insurance
• Medico Corporate Health Insurance
• Alternativ Health Insurance

Quantifiable outcome

• 700,000 customers served with 36 types of insurance services
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature5 records

Partnerships

Eight partnerships are on record, tiered minor and core.

• Sea BreezeminorStrategic or Co-development Partner · 15 May 2026Memorandum of understanding signed between PASHA Insurance and Sea Breeze for potential future collaboration.
• Angel Investor SchoolminorStrategic or Co-development Partner · 6 November 2025Support for startup ecosystem development through participation in Angel Investor School initiative.
• Aloe+coreStrategic or Co-development PartnerPartnership with Aloe+ app allowing PASHA Insurance customers to upload prescriptions and receive free medicine delivery. Integration provides added value to health insurance customers with convenient pharmacy services.
• YuvamminorChannel Partner/ Reseller/ DistributorPartnership linking to Yuvam home insurance product, providing cross-promotion of property insurance services.
• Partner Medical InstitutionscoreImplementation/ SI/ Consulting PartnerExtensive network of partner clinics, dental clinics, pharmacies, and optics providing medical services to insured customers. Includes Zeytun, Buta, Aloe, Darçın, Kanon, Dokta, Vita, Zəfəran, and many other pharmacy chains across Azerbaijan.
• Hesab.azminorChannel Partner/ Reseller/ DistributorPayment platform integration for processing insurance premium payments through Hesab.az.
• MilliÖNminorChannel Partner/ Reseller/ DistributorPayment service integration with MilliÖN for insurance premium collection, including unique code functionality.
• PASHA Holding LLCcoreOthersParent company PASHA Holding LLC and its subsidiaries act as data processors and technical consultants, providing operational support and governance oversight.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Zurich Insurance Group: Global multi-line insurer with major general insurance operations serving personal and commercial customers. Comparable to Pasha in core P&C products (motor, property, travel) but with global scale and broader portfolio.
• Liberty Mutual Insurance: US-headquartered global property and casualty insurer offering personal and commercial lines. Comparable to Pasha in P&C product categories (motor, property, specialty) but with international scale and broader enterprise capabilities.
• Allianz: Global insurance and asset management leader with extensive P&C operations worldwide. Comparable to Pasha as a multi-line non-life insurer offering motor, property, and health products, though operating at vastly larger scale across global markets.

Direct peers

• Buta Sigorta: Azerbaijani non-life insurance carrier offering similar motor, property, and personal insurance products. Operates in the same regulatory framework and customer base as Pasha Insurance, making it a directly comparable peer.
• AzSigorta: One of Azerbaijan's established non-life insurance carriers offering similar compulsory and voluntary motor, property, and health insurance products to individuals and corporates, competing head-to-head with Pasha for market share.
• Ipek Yolu Sigorta: Azerbaijani insurance carrier offering non-life insurance products including motor and property coverage. Directly comparable to Pasha Insurance as a domestic competitor in the same Azerbaijani market.
• Ateshgah Insurance: Azerbaijani non-life insurance carrier offering motor, property, travel, and corporate insurance products, directly competing with Pasha Insurance in the same domestic market with overlapping distribution and customer segments.
• AXA Azerbaijan: Global insurance brand operating in Azerbaijan offering non-life products to individuals and corporates. Directly competes with Pasha while bringing international underwriting practices and brand recognition to the local market.
• Mega Insurance: Azerbaijani insurance company providing motor, property, and corporate insurance products. Comparable in size and product breadth to Pasha, operating in the same regulatory environment and customer segments.

Regional players

• Aldagi Insurance: Leading Georgian insurance company offering motor, property, and health insurance products. Comparable to Pasha as a non-life market leader in a neighboring Caucasus country with similar regulatory and economic dynamics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/PASHA_Insurance
• YouTubeyoutube.com/channel/UCFXM2OwtsVgcVNI74xWrjpQ
• Facebookfacebook.com/pasha.insurance
• LinkedInlinkedin.com/company/pasha-insurance-ojsc
• Instagraminstagram.com/pasha_insurance

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pasha Insurance