Insurance companies - members of the Bureau of Compulsory Insurance in July collected on compulsory insurance of civil liability of vehicle owners to third parties (CTP) AZN 5.6 million of premiums (+7.2% compared with the June of that and - 6.7% compared to July 2012).
According to the press release from the Bureau, this amount was collected on the basis of concluded insurance contracts 72,800 (+ 5.9 and - 1.9%, respectively). Of these, 23 100 were transit insurance policies and foreign vehicles in transit passing through Azerbaijan. Previously, the contract period was 1 month with the adoption of amendments to the law on compulsory insurance has two options - from 1 month to 1 year.
In addition, in July, the average size of the premium under one contract of 77 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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