Gaps in insurance accounting of Finance Ministry
In the insurance reporting on Form 11 by the Ministry of Finance for the past year there are some unclaimed items. In the life insurance segment premiums are not collected on insurance annuity (additional charges to the salary or pension) and disability insurance.
Mortgage insurance, and insurance of real estate from falling market prices (property insurance segment ) is also not interested for local insurers.
The segment of compulsory insurance also has gaps - health workers, government officials and the diplomatic corps are not insured upon AIDS.
According to one member of the State Insurance Supervision Service (we do not call him because of the ban imposed by the Finance Ministry), the mentioned types of voluntary insurance are not popular due to the underdevelopment of mechanisms and because of the high risk associated with low profitability. In addition, potential purchasers of the benefits do not show initiative, and the insurer is not interested in these positions.
Beginning this year, the diplomatic corps will be insured on a mandatory basis, and the prospects of two other positions are considered, he said. - 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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