Insurance Market Grew by 9.7%
In 2016, insurance companies’ fees totaled 486 million 74 thousand manat, according to the Financial Markets Supervision Authority (FIMSA).
According to the report, compared with 2015 it is 9.7% or 42 million 855 thousand manat more.
Insurance payments by companies during the reporting period increased by 31.63%, or 57 million 9 thousand manat, amounting to 237 million 250 thousand 616 manat.
At the same time the life insurance market grew by 26%.
30.2% or 146 million 538 thousand manat of insurance fees and 40% or AZN 94 million 979 thousand of insurance premiums fell on life insurance.
In 2016, 65.66% of insurance fees were voluntary, and 34.34% were mandatory.
Fees for voluntary insurance increased by 13.52%, or 37 million 974 thousand manat during the reporting period, reaching 318 million 944 thousand manat, and payments increased by 32.12%, or 43 million 623 thousand manat, reaching 179 million 435 thousand manat.
Mandatory insurance market grew by 3%. Mandatory insurance fees rose to 166 million 816 thousand manat (an increase of 4 million 881 thousand manat or 3.01%). Mandatory insurance payments increased by 13 million 386 thousand manat or 30.13%, to 57 million 815 thousand manat. ------71D
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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