CTP premiums by the Bureau of Compulsory Insurance rose 88%
Insurance companies of the Bureau of Compulsory Insurance, from January to July, signed 498 884 contracts worth 39 million 339 thousand 203 manats.
Traditionally, the largest share (88.04%) for civil liability of vehicle owners (CTP) is 439.2 thousand contracts worth 32.4 million manat. Thanks to the propaganda raids of the State Insurance Supervision Service in April-June, the lag of this item behind the leader - compulsory insurance of immovable property - began to decline (57 213 contracts at admission of 6,695,651 manat) - 11.47% of the total, while in the first quarter this share was 5.2%.
The remaining positions are weak - the responsibility of the owner signed 2,212 contracts (175,492 manat), and insurance of passengers generated 68,060 manat on 259 contracts. - 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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