List of Foreign Insurers Replenished
List of foreign insurance, reinsurance and brokerage companies once again (on a monthly schedule) added several players in this segment.
According to the official website of the State Service for Insurance Supervision, at the end of the last quarter the registry of foreign insurance companies included several insurance companies.
In particular, the decision of the management service in the list included several foreign insurance companies. All of them (Uzbek "Transinsurance Plus", the Russian company "Opening Insurance" (formerly the "Fatherland"), and "SK Master-Garant", the Belarusian "Belneftstrah" and Kazakh "BTA Insurance") representing the CIS States. Thus, the total number of insurance companies on the roster has reached 90.
The number of reinsurance companies with foreign capital has increased at the expense of VTB Insurance, LTD (RF) and an increase from 37 to 38.
The number of foreign players in the local brokerage segment has not changed and made 61.
According to the law "On insurance activity" in the register of foreign insurance, reinsurance and brokerage companies to be included in the structure rated by which Azerbaijani insurers advisable to conduct insurance and reinsurance operations.
According to the same law, the registry must be updated promptly, so that the company can begin on time to participate in the financial market of Azerbaijan.
The registry of the State Insurance Supervision Service was established under the law "On insurance activity". - 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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