AZSIĞORTA ASC

What AZSIĞORTA ASC does

AZSIĞORTA ASC (Açıq Səhmdar Cəmiyyəti) is an Azerbaijan-based non-life insurance company headquartered in Baku (M. Useynov prospekti 63, Səbail district) and founded in 2006. The company operates as an Open Joint-Stock Company with a charter capital originally of 20.3 million AZN (reduced to 14,007,000 AZN after an October 2021 share buyback), placing it among the top three capitalized insurers in Azerbaijan. It employs more than 500 staff — the largest workforce among Azerbaijan insurers — distributed across 7 branches and 4 representative offices covering Baku, Gəncə, Sumqayıt, Şirvan, Lənkəran, Yevlax, Xaçmaz, Qəbələ, Naxçıvan, Şamaxı, Tərtər, Saatlı, and Qazax. AZSIĞORTA is one of only two insurance companies in Azerbaijan holding an international credit rating (Fitch "B") and is designated a Ministry of Taxes "Transparent Tax Partner." Reinsurance is placed with A+-rated partners including Lloyd's of London, SCOR, Swiss Re, Hannover Re, and AIG, brokered via Marsh & McLennan and AON Benfield.

AZSIĞORTA's product portfolio centers on property and agricultural insurance: compulsory residential property insurance (state-regulated premiums of 50/40/30 AZN by city tier), voluntary property, a fixed-tier KASKO offering (Mis/Dəmir/Titan at 265/365/565 AZN), crop and livestock insurance underwritten through the state-subsidized Agricultural Insurance Fund (50% premium subsidy), and travel insurance accepted at all foreign embassies in Azerbaijan. Following a strategic decision in September 2022, the company exited Mandatory Motor Third-Party Liability sales and now emphasizes higher-margin agro and property lines. Customer support runs through a 24/7 call center (*6565), online inquiry forms, a "Mobil Sığortaçı" mobile service, and 24/7 claims intake — backed by an SMS notification system that updates policyholders at each claims-processing stage.

Revenue mechanics rely on recurring annual premiums across retail compulsory property, voluntary property, motor KASKO, agro (state-subsidized), and travel products, plus tender-based corporate contracts (e.g., Central Bank of Azerbaijan medical insurance 2019). Named enterprise clients span automotive (Mercedes-Benz Azerbaijan), pharmaceutical (Astellas), professional services (Deloitte Azerbaijan), government/international (Council of Europe, Central Bank), defense (ASELSAN, Huawei Azerbaijan), banking (VTB Bank Azerbaijan), manufacturing (AZZA, SOBSAN), retail (Duty Free, Libraff), tourism (Pullman Baku, Tufandağ), and energy (Azpetrol). Distribution is primarily direct via the branch network plus tender participation, with payment integrations through MilliÖn and Hesab.az. The company has paid several record claims during 2017–2021 (including ~900,000 AZN to a food-industry fire victim and 1.7 million AZN to SOBSAN) and showed a 36% net-profit uplift in H1 2020 vs. H1 2019 despite pandemic conditions.

Name

AZSIĞORTA ASC

Legal name

AZSIĞORTA Açıq Səhmdar Cəmiyyəti

Website

https://azsigorta.az

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

51–100 employees

Short description

AZSIĞORTA ASC is a Baku-based, top-3 non-life insurer in Azerbaijan offering compulsory and voluntary property, KASKO, agricultural (crop and livestock), and travel insurance through 7 branches and 4 representative offices nationwide, with Fitch-rated financial stability.

Ownership category

akta.pro rank

Headquarters

HQ city

Baku

HQ country

Azerbaijan

HQ region

Asia

Offices13 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Insurance Premiums - Compulsory Property Insurance: Mandatory property insurance for residential buildings and apartments as required by Azerbaijani law. Premiums collected from policyholders with coverage amounts of 15,000-25,000 AZN depending on city.
2. Voluntary Property Insurance: Voluntary property insurance covering fire, natural disasters, water damage, theft, and third-party liability for both residential and commercial properties.
3. KASKO (Motor Vehicle Insurance): Comprehensive motor vehicle insurance with three package tiers (Mis, Dəmir, Titan) offering coverage from 3,000 to 8,000 AZN. Also includes 'Half-Price KASKO' product.
4. Agricultural Insurance: Partnership with the Agricultural Insurance Fund for crop and livestock insurance. The state subsidizes 50% of insurance premiums for agricultural policyholders.
5. Travel Insurance: Travel insurance covering medical emergencies, repatriation, lost baggage, trip cancellation, and visa-related services. Accredited at all foreign embassies and consulates in Azerbaijan.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

AZSIĞORTA ASC is an Azerbaijan-based non-life insurance company offering compulsory and voluntary property insurance, agricultural insurance (crop and livestock), motor vehicle insurance (KASKO), and travel insurance. The company distributes its products through a nationwide branch network of 7 branches and 4 representative offices, a 24/7 call center, online channels, and corporate tender sales, with claims handled via SMS notifications and digital reporting.

Product overview

AZSIĞORTA ASC is an Azerbaijan-based non-life insurance company offering a comprehensive portfolio of insurance products. The company operates as a multi-line insurer providing compulsory property insurance, movable property insurance, agricultural insurance (both crop and livestock), motor vehicle insurance (KASKO), and travel insurance. The product portfolio is structured around core property and agricultural coverage, with additional payment integration services. Agricultural products are offered in partnership with the state-backed Agricultural Insurance Fund, which subsidizes 50% of premiums. The company also provides payment processing through MilliÖn and Hesab.az platforms. AZSIĞORTA focuses on property, agricultural, and motor insurance as its strategic priorities, having discontinued third-party liability auto insurance sales in 2022.

Differentiator

Problem solved

Functional benefit

Brands

• Sərfəli KASKO: Box-type CASCO insurance product with three packages (Mis, Dəmir, Titan) offering coverage from 3,000 to 8,000 AZN.
• Yarı Qiymətə KASKO

Products and services

• Compulsory Property Insurance (İcbari Əmlak Sığortası) Mandatory real estate insurance covering residential buildings, apartments, and their structural elements against fire, natural disasters, third-party actions, and utility system failures. Required by Azerbaijani law for all property owners.
• Movable Property Insurance (Daşınar Əmlak Sığortası) Voluntary insurance protecting household items and business movable assets against fire, natural disasters, water damage, theft, and third-party liability for both residential and commercial customers.
• Agricultural Crop Insurance (Aqro Sığorta / Bitkiçilik) Crop insurance covering 41 types of plant products against natural disasters including hail, earthquake, landslide, storm, flood, lightning, frost, and third-party actions. Operated through the state-backed Agricultural Insurance Fund.
• Agricultural Livestock Insurance (Aqro Sığorta / Heyvandarlıq) Livestock insurance covering dairy cattle, beef cattle, sheep, and goats against infectious diseases, snake bites, poisoning, natural disasters, fire, wild animal attacks, and third-party actions. Government subsidizes 50% of premiums.
• Profitable KASKO (Sərfəli KASKO) Comprehensive motor vehicle insurance with fixed pricing regardless of vehicle make, model, driver age or experience. Three tiers: Mis (3,000 AZN coverage, 265 AZN premium), Dəmir (5,000 AZN, 365 AZN), Titan (8,000 AZN, 565 AZN). Covers traffic accidents, falling objects, fire, explosion, flood, and natural disasters.
• Travel Insurance (Səyahət Sığortası) Travel insurance providing emergency medical assistance abroad, repatriation, emergency relative travel, urgent dental care, baggage loss/damage, document assistance, trip cancellation, and visa coverage. Accepted by all embassies and consulates worldwide.

Quantifiable outcome

• Reduced claim processing time through SMS notification system implementation
• +2 more outcomes

Named customers15 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Nine partnerships are on record, tiered core and major.

• Agricultural Insurance Fund (Aqrar Sığorta Fondu)coreStrategic or Co-development Partner · 1 January 2022AZSIĞORTA is one of the insurance companies authorized to arrange agricultural insurance contracts on behalf of the state-established Agricultural Insurance Fund, which bears risks and makes insurance payments.
• Agricultural Insurance Joint Stock Company (Aqrar Sığorta Müştərək Sığorta Şirkəti)coreStrategic or Co-development Partner · 1 January 2022AZSIĞORTA is one of the founders of the Agricultural Insurance Mutual Insurance Company and collaborates deeply with this entity for agricultural insurance operations.
• Lloyd's of London SyndicatescoreStrategic or Co-development Partner · 1 January 2006AZSIĞORTA reinsures its risks with Lloyd's of London market participants who carry A+ ratings, providing international-level reinsurance protection for policyholder claims.
• SCORcoreStrategic or Co-development Partner · 1 January 2006Global reinsurer SCOR provides reinsurance capacity to AZSIĞORTA under the company's international reinsurance program.
• Swiss RecoreStrategic or Co-development Partner · 1 January 2006Swiss Re provides reinsurance coverage as part of AZSIĞORTA's international reinsurance protection framework.
• Hannover RecoreStrategic or Co-development Partner · 1 January 2006Hannover Re participates in AZSIĞORTA's reinsurance program providing capacity for property and casualty risks.
• AIGcoreStrategic or Co-development Partner · 1 January 2006AIG provides reinsurance capacity for AZSIĞORTA's risk portfolio under the company's international reinsurance arrangements.
• Marsh & McLennanmajorTechnology or Integration · 1 January 2006International broker Marsh & McLennan facilitates reinsurance arrangements between AZSIĞORTA and international reinsurance markets.
• AON BenfieldmajorTechnology or Integration · 1 January 2006AON Benfield serves as an international broker helping arrange reinsurance capacity from global markets for AZSIĞORTA.

Scale indicators10 records

Recent moves10 records

Expansion highlights5 records

Others

• Lloyd's of London: Global specialty insurance and reinsurance marketplace and a named reinsurance counterparty for AZSIĞORTA. Included as an ecosystem participant that shapes underwriting capacity and pricing benchmarks in the same property and casualty space.

Regional players

• Emirates Insurance Company: UAE-listed non-life insurer operating in a similar Gulf/CIS-adjacent emerging market context. Comparable as a regional peer with a multi-line P&C portfolio targeting corporates and individuals in a relatively concentrated national market.

Broad incumbents

• AIG: Global multi-line insurance carrier that also acts as a reinsurance partner for AZSIĞORTA. Comparable as a broader incumbent offering P&C, travel and commercial coverage across many emerging markets, including the CIS region.
• Allianz: Global multi-line insurance group operating across Europe, CIS and emerging markets. Relevant as a broader incumbent with property, motor and enterprise P&C capabilities similar to AZSIĞORTA's core lines.

Direct peers

• Ateshgah Sığorta: Major Azerbaijani non-life insurer offering voluntary property, motor, travel and corporate lines with a national branch network. Directly competes with AZSIĞORTA across retail and enterprise segments and is among the same top-tier competitors in the domestic market.
• Qala Sığorta: Azerbaijani non-life insurance company offering property, motor and corporate coverage nationally. Overlaps with AZSIĞORTA's product set and target segments, including SMEs and larger corporate accounts.
• AXA MBASK: Azerbaijani non-life insurer operating under the AXA international brand. Sells overlapping property, motor and corporate insurance products and competes for the same multinational and government clients named on AZSIĞORTA's roster.
• Pasha Sığorta: Azerbaijan's largest non-life insurer, part of PASHA Holding. Operates a comparable multi-line P&C portfolio (property, motor, travel, corporate) competing head-to-head with AZSIĞORTA for the same enterprise and retail customers across the country.
• Standard Insurance (Standart Sığorta): Azerbaijani insurer with a multi-line non-life portfolio. Competes directly with AZSIĞORTA in voluntary property, KASKO and corporate insurance across the same domestic customer base.
• Mega Sığorta: Azerbaijan-domiciled non-life insurer with property, motor and travel offerings. Operates in the same regulatory environment and customer pool, providing a like-for-like domestic benchmark for AZSIĞORTA.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/azs%C4%B1%C4%9Forta-asc

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 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 AZSIĞORTA ASC