In the insurance market of Azerbaijan outlines new trends - the second line has mastered life insurance, for which, including compulsory insurance against diseases and accidents at work, in January-March, collected 19.73 million manat.
But still it is far from voluntary health insurance (VHI), against the background of cooperation with the state oil company "Pasha Sigorta" has become the undisputed leader in the premium on the insurance market of Azerbaijan. On it collected 31 million 653.81 thousand manats. For life insurance collected 11.16 million AZN, voluntary insurance (Hull) of cars - 10.94 million, compulsory insurance against illness and accidents - 8.57 million, insurance of aircraft - 3, 68 million, mandatory liability insurance of vehicle owners to third parties (the new CTP) - 11.96 million manat.
The other species are far from these positions. In general, the amount of the insurance market of Azerbaijan (28 subsidiaries, net of reinsurance structures) until April 1 totaled 102 million 229.96 thousand manats. Growth for the year (before April 1, 2012 collected 81.64 million manat) was 20.1%.
The bulk of insurance premiums fell to voluntary insurance - 74.05 million manat. For example, insurance against accidents received a total 1.94 million manat, voluntary insurance of civil liability of owners of aircraft charges amounted to 2.44 million manat, cargo insurance - 3.23 million manat, insurance of ships - 215.85 thousand manats.
Voluntary insurance of civil liability of vehicle owners received 261.4 thousand manats, property insurance against fire - 4.93 million manat, on other types of voluntary insurance - 637.14 thousand manats (most of the cases of fraud by employees).
Insurance for foreign travel collected in the aggregate 320.44 million manat for crop insurance - 13.47 at pet - 28.89 million manat.
Collected as voluntary premium were items such as general liability insurance - 1.45 million manat, employer's liability - 150.66 thousand manats, professional liability - 236.69 thousand manats.
For compulsory insurance there was collected 28.18 million manat, leading to an increase of 7.1 million compared with the results of the previous year. Compulsory military insurance collected 3 million 266.76 thousand manats, and mandatory state insurance court officials and law enforcement - 1.99 million manat.
Compulsory insurance of property received 2.31 million manat and compulsory insurance of liability of owners of property - 81.72 million manat. - 17D -
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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