The growth rate of the insurance market of Azerbaijan impressed Finance Minister Samir Sharifov.
As he said in his speech at the fifth Azerbaijan International Insurance Forum (AIIF), for 8 years, the market has grown 6 times - up to $ 543 million
At the opening AIIF finance minister, the insurance market in recent years demonstrates the serious development trends.
According to him, there is a need for diversification of the insurance market within the extension and branching of the economy and growth of the insurance market due to the development of non-oil segment.
The share of insurance in GDP reached 0.7% (in 2012 it was 0.41%), and insurance fee per capita rose from $ 29 to $ 58 per year.
The total capital of insurance companies has increased over the last 8 years with $ 52 million to $ 463 million (almost 9 times) at the end of 2013. Net income also increased respectively by 9 times - up to $ 84 million - said the Minister. - 17D-
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review