End of the different approaches to the mandatory liability insurance?
Each of the 11 insurers licensed to compulsory civil liability insurance of car owners to third parties (CTP) demonstrates different approaches and practices of different rates when working with clients.
According to the Director of Compulsory Insurance Bureau Elkhan Guliyev (ISB) at the V Azerbaijan International Insurance Forum, to avoid ambiguity and risks, a unified clearing system is being developed to process requirements for reimbursements under CTP. The fact is that this segment is leading in the market and the level of premiums for the year it reaches 14% of total revenues.
The advantages of centralized clearing relates single document among all companies, as well as recourse to electronic form.
In addition, the insured citizens will be able to receive appropriate SMS notifications, and track real-time status of introduced requirements for insurance payments.
ISB has accumulated dues and deposit funds of 15 insurance companies, 11 of which are licensed to sell insurance policies CTP. - 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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