Azerbaijan Industry Insurance Company

What Azerbaijan Industry Insurance Company does

Azerbaijan Industry Insurance Company (Azərbaycan Sənaye Sığorta ASC) is a Baku-headquartered non-life (property and casualty) insurance carrier established in December 1996 that operates throughout Azerbaijan under Ministry of Finance License No. 000626. The company underwrites a portfolio of 33 insurance lines: 29 voluntary products spanning voluntary comprehensive auto (kasko), voluntary property, voluntary medical, travel, cargo and liability insurance, and 4 compulsory types including mandatory motor third-party liability (MTPL) and mandatory property insurance. As an Open Joint Stock Company (ASC) with a registered capital of AZN 11 million, it serves over 150,000 customers and processes approximately 30,000 insurance events per year.

The company's technology stack consists of an online sales and policy-management portal integrated with the Compulsory Insurance Bureau (İcbari Sığorta Bürosu) at services.isb.az for mandatory policy validation, complemented by a 24/7 call center and WhatsApp support. Distribution combines a physical network of 8 main representations and over 30 sales offices covering virtually every major Azerbaijan region (Baku, Sumqayit, Ganja, Nakhchivan, Sheki, Shamkir, Lankaran, Agdam, Lachin, Khankendi, Quba, and others) with digital self-serve flows for mandatory MTPL and quote-generation for voluntary lines.

Revenue is generated primarily through recurring insurance premiums across voluntary and compulsory lines, with catastrophic-risk claims absorbed through reinsurance treaties (most notably demonstrated by an AZN 25 million payout for the Azersun Industrial Park fire in April 2022, the largest single insurance payout in Azerbaijan's history). Gross written premiums grew from approximately AZN 9.08M in 2020 to AZN 14.5M in 2022, with 2021 profit of AZN 2,479,521. Customer segments split between individual retail (auto, property, travel, medical) and corporate/business clients, with both segments served through the same multi-channel architecture.

Name

Azerbaijan Industry Insurance Company

Legal name

Azərbaycan Sənaye Sığorta ASC (Azərbaycan Sənaye Sığorta Açıq Səhmdar Cəmiyyəti)

Website

https://aiic.az

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

11–50 employees

Short description

Azerbaijan Industry Insurance Company is a Baku-based non-life insurance carrier founded in 1996 that underwrites 29 voluntary and 4 compulsory insurance lines for over 150,000 retail and corporate customers across Azerbaijan through 20+ regional offices, an integrated online portal, and a 24/7 call center.

Ownership category

akta.pro rank

Headquarters

HQ city

Baku

HQ country

Azerbaijan

HQ region

Asia

Offices21 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Others, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Voluntary Non-Life Insurance Premiums: Core revenue from voluntary insurance lines including voluntary medical insurance, property insurance, kasko (comprehensive auto), cargo/freight insurance, travel insurance, and liability insurance. The company offers 29 voluntary insurance types.
2. Compulsory/Statutory Non-Life Insurance Premiums: Revenue from 4 compulsory insurance types mandated by Azerbaijan law: compulsory property insurance, compulsory third-party liability for real estate operation, and compulsory motor third-party liability insurance (MTPL/AVMMİS).
3. Insurance Claims Processing: The company earns through claims administration fees and retains risk portions from reinsurance treaties. Notable large claim payments include 25 million AZN for the Azersun Industrial Park fire (2022) and 900,000 USD for cargo insurance (2024).
4. Reinsurance Ceded Premiums: The company cedes a portion of large risks to reinsurance partners, earning commissions on ceded premiums. The company states that its record claim payouts were largely covered by reinsurance, indicating active reinsurance treaty arrangements.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels8 records

Core offering

Azerbaijan Industry Insurance Company is a non-life insurance company offering 33 insurance types — 29 voluntary (kasko, voluntary property, voluntary medical, travel, cargo, liability, employer's liability, construction) and 4 compulsory/statutory (mandatory motor third-party liability, mandatory property, mandatory third-party liability for real estate operation, personal accident). It distributes these products through a nationwide branch network, online portal, 24/7 call center, and agent network to both individual consumers and corporate clients across Azerbaijan.

Product overview

Azerbaijan Industry Insurance Company (Azərbaycan Sənaye Sığorta ASC) is a non-life insurance company offering a broad portfolio of 29 voluntary and 4 mandatory insurance products. Its core offerings span mandatory motor third-party liability insurance, voluntary Kasko comprehensive auto insurance, mandatory and voluntary property insurance, travel insurance, and voluntary medical insurance. The company differentiates through specialized Kasko sub-products (Xarıbülbül, 50/50 KASKO, Xəyal etdiyin KASKO, Sağlam Kasko, Kaskolu Bazarlıq) with bundled benefits and promotions, distributed via an extensive network of 8 regional representative offices and over 30 sales offices throughout Azerbaijan, supplemented by online sales and 24/7 call center support.

Differentiator

Problem solved

Functional benefit

Brands

• Xarıbülbül KASKO: A special KASKO (comprehensive automobile) insurance product launched in 2021, with a portion of premiums donated to the YAŞAT Fund supporting wounded veterans. Coverage options: 1,000 AZN for 99 AZN, 2,500 AZN for 199 AZN, 5,000 AZN for 299 AZN.
• 50/50 KASKO

Products and services

• Mandatory Motor Vehicle Insurance (İcbari Avtomobil Sığortası)

Quantifiable outcome

• AZN 25 million single largest insurance payout in Azerbaijan history (2022 fire at Azersun Industrial Park)
• +6 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• Azerbaijan Central Bank, Azerbaijan Bankers Association, ASA, AMFA, AzFina, AFBIAcoreOthers · 13 March 2023Memorandum of Cooperation signed 13 March 2023 for joint tree planting initiative — 100,000 trees per year for 10 years (1 million total) in collaboration with the Ministry of Ecology and Natural Resources. Participating financial sector organizations include the Central Bank and multiple banking/microfinance/insurance associations.
• Park BulvarminorOthersPark Bulvar shopping center is listed as a partner with a logo on the company website. Nature of partnership appears to be promotional/loyalty — Kaskolu Bazarlıq campaign included gift cards from Bazarstore (a related supermarket chain also listed as a partner).
• Azersun (Azərsun)minorOthersAzersun (Azərsun Holding) is listed as a partner logo on the company website. The partnership is notable as Azersun was the insured party in the company's record AZN 25 million fire insurance claim (April 2022).
• DreamlandminorOthersDreamland (amusement park) is listed as a partner with a logo on the company website. Partnership appears to be promotional — used in campaign giveaways.
• Sabis SunminorOthersSabis Sun brand is listed as a partner logo on the company website.
• BazarstoreminorOthersBazarstore supermarket chain partnered with the company for the 'Kaskolu Bazarlıq' campaign — customers purchasing kasko insurance receive Bazarstore gift cards (50–200 AZN depending on premium).
• Aqrar Sığorta Müştərək Sığorta Şirkəti (Agricultural Joint Insurance Company)minorOthersThe company is listed as a founding member (təsisçi) of the Aqrar Sığorta Müştərək Sığorta Şirkəti, Azerbaijan's agricultural insurance joint venture. The company is a member of this organization.
• İcbari Sığorta Bürosu (Compulsory Insurance Bureau)coreOthersThe company is a member of the Compulsory Insurance Bureau (İcbari Sığorta Bürosu) — the statutory body that oversees compulsory insurance in Azerbaijan. The company's online portal integrates with the Bureau's validation service at services.isb.az.
• Caspian Energy ClubminorOthersThe company is a member of Caspian Energy Club and has received multiple Insurance Company of the Year awards through this organization (Caspian Business Award 2023 and 2024).
• Azərbaycan Sığortaçılar Assosiasiyası (Azerbaijan Insurers Association)coreOthersThe company is a member of the Azerbaijan Insurers Association (ASA). The company participates in ASA-organized events including Insurance Festival 2024, training programs for underwriters, and actuarial courses.
• Azərbaycan Mühasiblər və Risk Peşəkarları Assosiasiyası (Azerbaijan Accountants and Risk Professionals Association)minorOthersThe company is listed as a member of this professional association, which supports professional development of accountants and risk professionals.
• YAŞAT Fond (Fund for Martyrs' Families)minorOthersThe 'Xarıbülbül' kasko product donates 5% of each premium to the YAŞAT Fund, which supports families of martyrs and wounded veterans of the Nagorno-Karabakh war. This is a social impact partnership.

Scale indicators16 records

Recent moves9 records

Expansion highlights7 records

Regional players

• Anadolu Sigorta: One of Turkey's largest non-life insurers, offering motor, property, health, and liability lines through a multi-channel model. Comparable in product breadth and emerging-market non-life insurance dynamics, though operating in a different geography.

Direct peers

• PASHA Insurance: One of the largest non-life insurers in Azerbaijan, offering motor (kasko/MTPL), property, travel, and medical lines through a similar multi-channel distribution model. Most directly comparable peer due to overlapping product mix and Azerbaijani retail/corporate customer base.
• AzSigorta: Established Azerbaijani non-life insurance carrier offering voluntary and compulsory property, motor, and liability insurance. Direct competitor in the same domestic market with comparable regulatory standing under Ministry of Finance licensing.
• Xalq Sığorta (formerly AXA MBASK): Azerbaijani P&C insurer with international heritage (formerly affiliated with AXA) offering kasko, property, medical, and travel products. Comparable in scale and product breadth, serving both retail and corporate clients domestically.
• International Insurance Company of Azerbaijan (IIC): Azerbaijan-based non-life insurance carrier with similar product portfolio covering motor, property, cargo, and liability lines. Competes for the same domestic retail, SME, and corporate clients.
• Mega Insurance: Azerbaijani non-life insurer with overlapping product offerings in kasko, MTPL, property, and medical lines. Directly competes in the domestic retail and corporate non-life insurance market.
• Qala Insurance: Azerbaijani non-life insurance company offering voluntary and compulsory P&C products including motor, property, and travel insurance. Direct competitor with similar nationwide distribution approach.
• KHAN Insurance: Smaller Azerbaijani non-life insurance carrier operating in the same product categories (motor, property, liability) under the same Ministry of Finance licensing regime. Comparable in scale and market positioning.
• Ateshgah Insurance: Major Azerbaijani non-life (P&C) insurer with comparable product suite including kasko, compulsory MTPL, property, travel, and medical insurance. Operates a similar nationwide branch network and serves overlapping retail and corporate segments.

Broad incumbents

• Allianz (CIS operations): Global insurance group with established CIS/post-Soviet market presence offering P&C, motor, and health lines. Comparable in product scope but operates at much larger scale and as a broad incumbent rather than a domestic specialist.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/senayesigorta
• Facebookfacebook.com/senayesigorta
• LinkedInlinkedin.com/company/azerbaijan-industrial-insurance-company

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 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 Azerbaijan Industry Insurance Company