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
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According to data released by the State Statistics Committee, Azerbaijan’s agricultural sector achieved slight production growth in the first eight months of 2024. The total volume of agricultural production reached 8.723 billion manats, which is 0.8% higher than during the same period last year. However, this growth occurs against a backdrop of increasing food imports, despite significant government subsidies aimed at supporting domestic agriculture.
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Azerbaijan has unveiled strong fiscal indicators for the first eight months of the current year, reporting a state budget surplus that underscores the country’s economic resilience amidst global uncertainties. According to operational data released by the Ministry of Finance, state budget revenues from January to August 2024 reached 25 billion 223.4 million manats, while expenditures amounted to 22 billion 362.4 million manats.
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Azerbaijan has made significant progress in diversifying its energy balance, with renewable sources playing an increasingly important role in the country's electricity production. Operational data for January-August 2024 show that total electricity generation reached 19,235.4 million kilowatt-hours (kWh), marking a noticeable shift towards greener energy.
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Bilateral relations between Azerbaijan and Russia are accelerating, particularly in the agricultural sector, as Deputy Prime Minister Shahin Mustafayev and Russia’s Minister of Agriculture Oksana Lut underscored during their high-level meeting on September 13 in Baku.
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