Gross premiums collected local insurers in January-March totaled 117 million 942.68 thousand manats (15.3 % compared with the first quarter last year).
According to the State Insurance Supervision Service of the Ministry of Finance , the majority of them (73.9 % ) accounted for voluntary insurance , which has collected 87 million 139.4 thousand manats . The highest rates are for developing life insurance. Premiums in this segment for the year increased 72.1 %, amounting to 20.84 million manats or almost one sixth of all charges.
The leader of the market is voluntary health insurance with 35 million 795 thousand manats, which is twice as much life insurance (17.61 million). In the third place on premiums is mandatory liability insurance of vehicle owners to third parties (CTP) - 12 million manat. Due to this position, as well as insurance against accidents and diseases at work (9.84 million), mandatory insurance also rose (+9.3 % per year), reaching 30.8 million manat.
The payout ratio to premiums is 24.2 %, which is much better than in the old days , when insurers chased profit. For all contested cases paid 28.6 million manat.
The largest payout in the segment VHI (10.65 million) is due to the corporate tandem of Pasha Sigorta and SOCAR. - 17D-
Economics
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Azerbaijan's state oil company SOCAR announced plans on November 15 to issue green bonds in the Azerbaijani financial market to support environmentally sustainable projects.
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The State Oil Company of Azerbaijan Republic (SOCAR) on Friday signed a memorandum of understanding (MoU) with Masdar of the United Arab Emirates and ACWA Power of Saudi Arabia to develop a network of offshore wind farms with a total capacity of 3.5 gigawatts in the Azerbaijani sector of the Caspian Sea.
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Russian delegates at the COP 29 climate summit have reaffirmed their commitment to upholding the principles of the UN Framework Convention on Climate Change (UNFCCC) and the Paris Agreement. The Russian Federation stressed the importance of adhering to the principle of "common but differentiated responsibilities," arguing that developed nations must continue to honor their commitments to climate finance, while allowing developing countries to contribute on a voluntary basis.
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The world faces a shortfall of up to $87 billion annually for climate adaptation efforts by 2030, according to Lord Livermore, Financial Secretary to the UK Treasury. Speaking at the panel discussion titled "Mobilizing for Climate Action: Countries, Multilateral Financial Organizations, and the Private Sector Implementing the Paris Agreement," Livermore highlighted the urgent need for increased investment in adaptation measures.
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