List of international insurance, reinsurance and brokerage companies grows
The list of foreign insurance, reinsurance and brokerage companies added another player in this segment .
According to the official website of the State Insurance Supervision Service, on September 11 the register got a new reinsurer - Gunesh Sigorta A.S. (Turkish Republic). Thus, the total number of reinsurance companies on the roster reached 39.
The number of insurance companies with foreign capital kept at 93 units.
The number of foreign players in the local brokerage segment increased to 65 by the brokerage firm IUC Sigorta ve Reasurans Brokerligi AS (Turkey).
Foreign individuals who want to be brokers in Azerbaijan have not been registered.
According to the law "On insurance activity," the registry of foreign insurance, reinsurance and brokerage companies is to include companies highly rated, by which Azerbaijani insurers would be advisable to conduct insurance and reinsurance operations.
According to the same law, the registry must be updated promptly, so that the company could 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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