Health insurance - the market leader, by 1 August
Among voluntary insurance items in January and July the leader was health insurance (VHI), in which there were collected 45,784,750 manat premiums (27.5% of the segment). The reason for this is numerous corporate contracts.
According to the State Insurance Supervision Service, on the account of voluntary premiums there is 166 572 480 manat. They were followed by sharply increased endowment life insurance – 32 770 000 manat, Hull insurance of cars – 21 190 000 manat, and insurance of property against fire and other risks – 18 540 000 manat. Insurers of aircraft received 11,016,700 manats, cargo insurance - 8,304,270 manat, insurance of civil liability of owners of aircraft - 3,690,540 manat, etc.
During the period, voluntary insurance payments amounted to 54,047,960 manat (+ 11.5% from August 1 last year). In this case, life insurance payments were 3,061,210 manat (+ 73,8%), and the remaining types - 50,986,750 manat.
All the 28 insurance companies by August 1, collected 251 710 886.19 AZN (+ 9.93% by the same date last year). By the same date, they paid 77.96 million manat (+ 13.2%). -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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