In January, most cases paid for VHI
In January, on all types of insurance company paid the sum of AZN 7 million 44.96 thsd, which is 38% more than last year. For insurance claims the voluntary produced 4.55 million manat of payments.
The greatest amount of compensation was in voluntary health insurance (VHI) - 2.15 million manat and Hull insurance of vehicles - 1.96 million manat. In the third place there was CTP - 1.68 million manat. Other species lag behind the leading three (82.1% of total payments).
For voluntary life insurance there was paid 75 thousand manats, and for travel insurance - 17.12 thousand manats.
For accident insurance there was paid AZN 78.86 thsd, for property insurance against fire and other risks - 131.95 thousand manats. Cargo insurance paid 2.28 thsd AZN and voluntary liability insurance of vehicle owners - 3.19 thsd AZN.
Voluntary insurance of general liability paid 100.73 thousand manats and employers liability insurance - 16.01 thousand manats. For death of livestock and loss of crops overall there was paid 28.23 thousand manats.
Mandatory insurance generally paid on contracts 2.45 million manat of compensation. In particular, the compulsory insurance of servicemen paid 500.2 thousand manats, for mandatory state insurance of judges and law enforcement officials - 66.59 thsd AZN, and old CTP paid 3.54 thsd AZN.
For items included in the list of the new tariff, the situation is this: the compulsory insurance of civil liability of vehicle owners (new CTP) paid 1.66 million manat and compulsory property insurance - 148.69 thousand manats. - 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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