1921
"Azərsığorta" started its activity as a local State Insurance Administration regulated by "Gosstrax" under the Ministry of Finance of the USSR.
"Azərsığorta" State Insurance Commercial Company started its activities on October 21, 1921, as a local State Insurance Administration ("Azgosstrax") regulated by "Gosstrax" managed by the Ministry of Finance of the USSR. The organization’s original goal was to improve the living standards of the working population. For this purpose, “Azgosstrax” undertook to cover the costs in the following directions:
- Full payment of the wages of those temporarily unable to work;
- Covering of scholarships;
- Covering of rest at home;
- Covering of permits to sanatorium resorts;
- Allocation of additional funds for those who have built a house;
- Financing of dietary nutrition
According to the decree adopted in 1921, the Social Fund was established for the payment of the funds, and funds were allocated to the fund by “GosBank” (State Bank).
In the 70s, the increase in the solvency of the population, state and cooperative enterprises was observed with the increase in the number of branches of the USSR state insurance agency. Residential and non-residential buildings, fields of various agricultural crops, and enough personal cars are insured by the "Gosstrax".
The insurance business in the Republic began to develop more dynamically after the 1990s, and in 1991, the State Insurance Commercial Company of the Republic of Azerbaijan was established on the basis of the State Insurance (“Azgosstrax”) operating under the Ministry of Finance of the Republic of Azerbaijan.
"Azərsığorta" company, which has the largest historical background of the country, has preserved its heritage by adhering to national historical traditions throughout the past years. After gaining independence, Azerbaijan signed big projects in the region and increased its prestige in the region and in foreign policy.
According to President Ilham Aliyev's Decree No. 1174 dated November 5, 2020, "Azerbaijan Investment Holding" was established and according to Decree No. 2907 dated September 22, 2021, the principles of management of the State Insurance Commercial Company of the Republic of Azerbaijan was given to the authority of "Azerbaijan Investment Holding”.
Currently, the State Insurance Company, which is successfully continuing its activities under the "Azərsığorta" brand, has a wide branch network throughout the country. The company continues to take confident steps to further strengthen its position in the market with a new business strategy. The company is undergoing complete renewal. As a result of reforms and new projects, the company continues to become the main market participant, creating new opportunities in the insurance market.
Dynamically developing "Azərsığorta" currently offers all types of non-life insurance products provided by the insurance legislation. The company is a member and active participant of the Compulsory Insurance Bureau (ISB) and Azerbaijan Insurers Association (ASA).
"Azərsığorta" State Insurance Commercial Company started its activities on October 21, 1921, as a local State Insurance Administration ("Azgosstrax") regulated by "Gosstrax" managed by the Ministry of Finance of the USSR. The organization’s original goal was to improve the living standards of the working population. For this purpose, “Azgosstrax” undertook to cover the costs in the following directions:
- Full payment of the wages of those temporarily unable to work;
- Covering of scholarships;
- Covering of rest at home;
- Covering of permits to sanatorium resorts;
- Allocation of additional funds for those who have built a house;
- Financing of dietary nutrition
According to the decree adopted in 1921, the Social Fund was established for the payment of the funds, and funds were allocated to the fund by “GosBank” (State Bank).
In the 70s, the increase in the solvency of the population, state and cooperative enterprises was observed with the increase in the number of branches of the USSR state insurance agency. Residential and non-residential buildings, fields of various agricultural crops, and enough personal cars are insured by the "Gosstrax".
The insurance business in the Republic began to develop more dynamically after the 1990s, and in 1991, the State Insurance Commercial Company of the Republic of Azerbaijan was established on the basis of the State Insurance (“Azgosstrax”) operating under the Ministry of Finance of the Republic of Azerbaijan.
"Azərsığorta" company, which has the largest historical background of the country, has preserved its heritage by adhering to national historical traditions throughout the past years. After gaining independence, Azerbaijan signed big projects in the region and increased its prestige in the region and in foreign policy.
According to President Ilham Aliyev's Decree No. 1174 dated November 5, 2020, "Azerbaijan Investment Holding" was established and according to Decree No. 2907 dated September 22, 2021, the principles of management of the State Insurance Commercial Company of the Republic of Azerbaijan was given to the authority of "Azerbaijan Investment Holding”.
Currently, the State Insurance Company, which is successfully continuing its activities under the "Azərsığorta" brand, has a wide branch network throughout the country. The company continues to take confident steps to further strengthen its position in the market with a new business strategy. The company is undergoing complete renewal. As a result of reforms and new projects, the company continues to become the main market participant, creating new opportunities in the insurance market.
Dynamically developing "Azərsığorta" currently offers all types of non-life insurance products provided by the insurance legislation. The company is a member and active participant of the Compulsory Insurance Bureau (ISB) and Azerbaijan Insurers Association (ASA).
