On January 9, 2023, the Central Bank of the Republic of Azerbaijan issued a license to the insurance company "Qala Insurance" for the implementing reinsurance activities.
"AzInTelecom" MMC, operating under the Ministry of Digital Development and Transportation, continues to integrate the process of new-generation digital signature "SIMA" created by them into the systems of partner organizations. SIMA made the next product of "Qala Insurance" company more accessible. Subsequently, customers will be able to sign mortgage lending-related insurance contracts (for apartments, individual houses, etc.) using a digital signature to enter their personal cabinets on the "Qala Insurance" website.
The employees of companies, who will purchase the insurance product “Sağlam Həyat”, (means in translation “Healthy Life”) from "Qala Insurance", will receive not only health insurance services with a coverage of AZN 10,000, at the same time they will get sport services from Push30" during the insurance period.
The companies "Qala Insurance" and "Qala Life" donated a total of 30 thousand manats to supporting the victims of the earthquake in Turkey.
"Qala Insurance" has recently been certified in accordance with «ISO 9001:2015 and ISO 10002:2018» of the International Standards System.
The company has opened a representative office in Nakhchivan city, providing employment for more than 10 local residents.
In 2022, "Qala Insurance" expanded its service network by opening two more representative offices. As a result, "Aran" representative office began its activity in Kurdamir, and "Mugan" representative office in Bilasuvar.
In 2022 the company applied for ISO-9001 (Quality Management Standard) and 10002 (Customer Satisfaction Management Standard) certification and conducted an initial audit.
The number of employees of the organization reached 159 people.
The company made the first steps towards the electronic signing of voluntary insurance policies using the SIMA electronic signature solution.
At the end of 2022, the total sales premium amounted to 40,355,197 manats.
Thereby, the company has achieved one of its strategic goals, strengthening its position in the 5th place in the market ranking. And the company's insurance payments amounted to 6,023,243 manats.
In 2021, the company expanded its service network and opened representatives in Guba and Beylagan.
The number of members of the Board of Directors of the company increased and reached 5 people.
The number of employees reached 148 people.
At the end of 2021, the company took 5th place in the insurance market rating, having collected insurance premiums in the amount of 43,911,202 manat, and the company's insurance payments amounted to 5,676,735 manat.
In 2020, "Qala Insurance" expanded its service network by opening another branch and three representative offices. More than 10 people were employed, as a result of the beginning of the activity of the Yasamal branch in Baku, representative offices in Sheki, Oguz and Goygol.
By supporting farmers in agricultural risk insurance, the Company has demonstrated professionalism in the highly risky insurance area.
In 2020, the company became a co-founder of the newly created Joint Insurance Company of Agricultural Insurance in the country. The first 9 contracts of this insurance project were signed through the mediation of "Qala Insurance".
The number of employees increased by 15 people.
By the end of 2020, the total insurance premium of "Qala Insurance" OJSC amounted to 32 838 181 manat, and insurance payments - 3 360 761 manat. Thus, OJSC "Qala Insurance" for the first time since its foundation has become a large business entity.
In 2019, the company established representative offices in Tovuz and Barda, a sales office in Beylagan and a central branch in Baku.
The creative team of the company introduced 7 new insurance products to the market, including "Əmin Qala bilərisiniz", "Qala 100" and "Şərikli Kasko".
The number of employees increased by 30 people compared to last year.
The company has won many large tenders for the provision of insurance services.
Following the results of 2019, Caspian Energy Club chose "Qala Insurance" OJSC as the Insurance Company of the Year.
At the end of 2019, the company entered to the top five market leaders with a total of 26 463 315 manat for insurance premiums and 3 274 671 manat for insurance payments.
In 2018, the company opened representative offices in Lankaran, Ganja and Sumgayit.
"Qala Insurance" Company was recognized as the winner in the category "Insurance Company of the Year" by "Uğur Milli Mükafatı" for its performance in 2018.
At the end of 2018, the company collected 16 557 412 manat of insurance premiums and rose to 7th place in the ranking.
In 2017, "Qala Insurance" OJSC increased the number of voluntary insurance products to 22 and, and in total, with 26 types of insurance, developed a new sales strategy.
The company has created an extensive service sales network covering all market segments with the intention of being represented in the market of compulsory insurance, as well as individual, corporate and bancassurance.
Since March 2017, the company has been actively introducing its products to the insurance market with a new sales platform.
In the same year, the company became a member of the "Caspian Energy Club" and "AMCHAM".
The company, which has increased the number of employees to 80 people, moved to a new head office in September 2017.
At the end of 2017, it rose to 9th place in the ranking with a sales volume of 10 914 467 manat.
In 2016, "Qala Insurance" OJSC completed the organizational work, formed the organizational structure and completed the process of technical support.
The company became a member of the Compulsory Insurance Bureau and received permission to use all 4 types of insurance in accordance with the requirements of
the Compulsory Insurance Law. This year the company has improved many types of voluntary insurance and increased their number to 15.
In 2016, the company became one of the authorized insurance companies of the Mortgage Fund.
On September 30, 2015, the first and only reinsurance company in Azerbaijan, “AzRe Reinsurance” OJSC, received 100% of the shares of “Chartis Azerbaijan insurance company”, after which it was renamed into "Qala Insurance"Open Joint Stock Company.
In 2010, the name of the company was renamed to Chartis Azerbaijan Insurance Company.
Since 2000, the company has been a 100% subsidiary of AIG.
December 24, 1998 “American International Group Inc”. (AIG) and Azerbaijan's “Caspian Insurance Company” have set up a joint
venture to serve clients in Azerbaijan and Georgia. The company began operating under the name “AIG Caspian Insurance Company”.