In Azerbaijan, besides local insurance companies, there are more than 100 foreign insurance and reinsurance companies (including branches - nearly 150) and 60 reinsurance brokers.
According to the Romanian magazine XPRIMM INSURANCE Profile Azerbaijan, published in the framework of the V International Forum AIIF 2014, the local insurance market is the most capacious in the South Caucasus with a specific weight of 59%. It is also the leader in terms of capitalization and the largest consumer of reinsurance services in the region, being provided by one reinsurance company AzRE. The publication notes that this year to a specialized structure was joined by 10 insurance companies to obtain a license for reinsurance.
The volume of reinsurance premiums last year rose by more than 26% by clicking the mark of 100 million manat in Baku that attracted such leading international reinsurance companies as HANNOVER Re, EVEREST Re, MILLIE Re, TRUST Re and others. - 17D-
Economics
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The Baku International Sea Trade Port, a critical link in the Middle Corridor connecting East and West, handled 7.6 million tons of cargo in 2024, marking a 3.2% increase from the previous year. This growth underscores the port's expanding role in global trade and its significance as a transit hub for countries such as China, Turkey, Georgia, Iran, and Russia.
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Azerbaijan’s state oil company SOCAR has acquired a 3% stake in the offshore SARB and Umm Lulu concession in the United Arab Emirates (UAE) from Abu Dhabi National Oil Company (ADNOC) for $285 million, marking a significant step in deepening energy ties between the two nations. The transaction, completed in May 2024, was completed in January 2025.
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The Baku Small and Medium Business (SME) House and the Miniboss Business School have signed a memorandum of understanding aimed at developing entrepreneurial skills among children, the Small and Medium Business Development Agency (KOBIA) reported on Monday.
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In 2025, Azerbaijan's information security and digital infrastructure remain under pressure, as experts highlight the absence of a National Internet Exchange Point (IXP). Osman Gunduz, head of the NGO Multimediya, has renewed calls for the Information and Communication Technologies Agency (İKTA) to spearhead the creation of a Milli İnternet Mübadilə Mərkəzi (National Internet Exchange Centre) in collaboration with key local providers Azertelecom, Delta Telecom, AzTelekom, and global industry leaders.
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