The insurance market continued concentration of finance. More than half of premiums (56%) were collected by the top five insurers that have developed relationships with major corporations and are linked to the government and the ruling family.
Thus, by December 1 JSC PASHA Sigorta collected 59.7 million AZN, PASHA Hayat Sigorta collected 50.9 million AZN, Ateshgah Sigorta collected 40.8 million AZN, Azersigorta collected 38.2 million AZN, and Ateshgah Hayat Sigorta collected 35 million AZN.
Together, this amounts to 225 million from 403.1 million manat collected by all the insurers in January-November.
The least of all was collected by Gunay Sigorta (62,000 manat), and the only foreign insurance company overbought by local financiers, Chartis Azerbaijan collected 62,000 manat. These are the only companies that did not collect even 100,000 AZN. The other outsiders showed better indexes. Bashak Inam collected 961,000 manat, Amrah Sigorta collected 818,000 manat, and Azerguarant collected 212,000 manat. --17D-
Economics
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Elon Musk, co-chair of the U.S. Department of Government Efficiency (DOGE), has outlined a strategy to bring inflation in the United States down to zero by 2026 through aggressive cuts in federal spending. Musk’s plan, which aims to reduce approximately $4 billion in projected daily expenditures, is designed to shrink the federal deficit to $1 trillion by 2026. While the deficit would still be substantial, Musk argues that accelerated economic growth could offset inflationary pressures, ultimately stabilizing the economy.
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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