Lower Payments on Industrial Accidents
The local companies dealing with compulsory insurance of disability of individuals from accidents and occupational diseases collected 27.1 million manats by October 1 (+ 11.1% versus the same period last year).
According to the data of the Association of Insurers of Azerbaijan (AIA), the services in this segment are provided by three financial institutions that specialize in life insurance.
Payments on this type of insurance amounted to 1.8 million manats (+ 9.2%) at a ratio to premiums at 6.6 kopecks to 1 manat. According to experts, this is an extremely low level. The average level of payments in the CIS is 25%, and in Europe - 35-40%, depending on the country.
The law "On compulsory insurance of disability of individuals from accidents and occupational diseases" came into force on 16 December 2010. --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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