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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Fitch Ratings has upgraded Azerbaijan’s long-term foreign currency issuer default rating (IDR) from “BB+” to “BBB-,” signifying an investment-grade status with a stable outlook. Despite this positive move, the agency highlighted several economic hurdles that could impact the country's progress.
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The number of overnight stays in hotels and hotel facilities in Azerbaijan surged by 35.8% in the first half of 2024 compared to the same period in 2023, reaching 1.851 million, according to the State Statistics Committee of Azerbaijan.
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Azerbaijan will unveil a unified electronic portal for real estate early next year, according to Nigar Alimova, Chairman of the Board of the State Cadastre and Real Estate Register at the State Property Service of the Ministry of Economy.
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AzerGold CJSC’s sorption leaching plant, located at the Chovdar Integrated Regional Processing Site (CHIRUP) in Dashkesan district, has commenced full-scale operations, the Ministry of Economy announced.
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