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
-
President Ilham Aliyev signed a decree on 27 Desember to implement the law on the 2025 State Social Protection Fund budget, setting forth measures to ensure the effective execution of the fund’s financial framework.
-
Azerbaijani President Ilham Aliyev has issued a decree to implement amendments to the country’s Tax Code, approved by Parliament on December 16, 2024, under law number 98-VIIQD. The decree, published on Friday, is aimed at optimizing tax administration and strengthening the legal framework outlined in the revised legislation.
-
Azerbaijan’s parliament has approved a law establishing minimum living standards for 2025, with specific allocations for various demographic groups. The legislation, signed by President Ilham Aliyev on December 16, will come into force on January 1, 2025. The presidential decree was published on December 27.
-
The President of Azerbaijan issued a decree on December 27, 2024, to implement the "2025 State Budget Law" aimed at streamlining the allocation and execution of government expenditures. The legislation, codified under law number 93-VIIQ, outlines detailed budget appropriations across various sectors, reflecting strategic priorities in defense, education, healthcare, and infrastructure.
Leave a review