Head of AIA: Insurance Market Could Grow by 20% by Year-end
According to the head of the Association of Insurers of Azerbaijan (AIA) Orkhan Bayramov, the absolute figures of the local insurance market at the end of this year are likely to grow by 10 to 20%.
"In the first half, despite the February devaluation of the manat, an increase was recorded at 14.3%. The real picture of the market will be seen in the third quarter, as in the second quarter the market adapted to the new conditions, he told Turan yesterday.
In the case of growth of the indicators the premium per capita would reach 50 manat, while the figure is about 46 manat now. In this scenario, the total market will be about 500 million manat (last year the premium in the market amounted to about 430 million AZN).
According to the State Insurance Supervision Service, in the first half of 2015 the total premiums were at the level of 242.4 million manat (+ 14.3% to July 1 of the previous year). --17D-
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review