Companies engaged in life insurance in the local market collected 91,749,220 manat (+43.75% by December 1, 2013).
The Chairman of Azerbaijan Insurers Association (AIA) Orkhan Bayramov told Turan the share of the three players in life insurance segment in the total market is 23.97%.
During the period payment by these companies amounted to 26,847,170 manat (an increase of 7.6 times) with a specific weight of 18.7% of all payments.
The situation is as follows. On account of the leading Pasha Hayat Sigorta there is 38,3 million with an extremely low level of payments - 2.63 million manat or 6.9%. Ateshgah Hayat Sigorta has 35,56 million with an extremely high level of payments - 22.73 million manat or 63.9%. Gala Hayat Sigorta has 17.92 million with a low rate of payments - 1.48 million manat (8.3%).
The roster of local insurers includes 27 companies. --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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