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”.

Since 2000, the company has been a 100% subsidiary of AIG.

In 2010, the name of the company was renamed to Chartis Azerbaijan Insurance Company.

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 Sigorta”Open Joint Stock Company.

In 2016, “Qala Sigorta” 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.

In 2017, "Qala Sigorta" 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 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 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 Sigorta" 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 2020, Qala Sigorta 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 Sigorta.
The number of employees increased by 15 people.
By the end of 2020, the total insurance premium of Qala Sigorta OJSC amounted to 32 838 181 manat, and insurance payments - 3 360 761 manat. Thus, OJSC "Qala Sigorta" for the first time since its foundation has become a large business entity.