From January to July 2014 the Bureau of compulsory insurance collected premiums worth 38 million 909.04 thousand manats (minus 0.9% per year). According to the State Insurance Supervision Service of the Ministry of Finance, most of the fees fell on the civil liability of car owners to third parties (CTP) - 30 AZN 111.67 million. This segment also pulled down statistics – premiums of this year decreased compared to the figures for July 1, 2013 by 7.1%. On compulsory insurance of property of individuals were collected 8 million 491.39 thousand manats (+ 28.7%). Another 222.29 AZN were obtained under liability insurance in the operation of real estate (25.1%), insurance of passengers collected AZN 83.69 (22.7%.)
Payments amounted to 14 million 252.09 thousand manats (14.8%), of which 13 million 243.7 thousand manats - the proportion of CTP, 1 thousand million 4.75 - insurance of immovable property of individuals (+ 21%).
The law "On mandatory insurance" covers four types of insurance: CTP, real estate insurance, civil liability in the operation of real estate and insurance of passengers. - 17D-
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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