Azerbaijani market attracts the world"s largest reinsurance company
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-
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- Social
- 30 June 2014 15:35
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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