Local insurers specializing in life insurance collected 104 million 992.8 thousand manat last year (+ 52.7% yoy).
According to the report of Azerbaijan Insurers Association (AIA), there are only three such insurance companies, which in the aggregate collected 24.46% of premiums of the local insurance market with payments of 28 million 573.74 thousand manat (an increase of 7.4 times ), with the proportion of 18.18% of the total payments in the market.
Most of all premiums in this segment were gathered by Pasha Hayat Sigorta - 41 million 902.87 thousand, with payments of 2 million 867.24 thousand manat (extremely low percentage of payments to premiums - 6.9%). On the account of Ateshgah Hayat Sigorta there is 37 million 928.85 thousand, with payments of 24 million 138.55 thousand manat (63.2%), and at Qala Hayat Sigorta there is 25 million 161.09 thousand, with compensations of 1 million 567.95 thousand manat (6.2%). Recall, the average ratio of payments to premiums for the countries of Eastern Europe and CIS is up to 40%.
In Azerbaijan, in general, 27 insurance companies have licenses for operation. --17D-
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review