The State Insurance Supervision Service under the Ministry of Finance released data on premiums and payments by local insurance companies. They collected 242 million 398 thousand manat and paid 92 million 137 thousand manat (the ratio by Eastern European standards is satisfactory - 38.01%).
It is worth noting that 6 of the 27 insurers are in fact bankrupt - they have a negative balance of premiums and claims. There is an imbalance between the capacity of large and small financial institutions. Four companies of the family PASHA and Ateshgah (two structures - life insurance and general insurance) together received 120 million 212 thousand manat (49.59% of the gross yield) with total payments of 36 million 179 thousand manat (39.27%). PASHA Sigorta, the leader in recent years, collected 39 million 469.5 thousand manat. In the second place is PASHA Hayat Sigorta- 32 million 782.4 thousand manat. On account of Ateshgah is 26 million 299 thousand. Ateshgah Hayat Sigorta has 21 million 660.9 thousand manat. The rest is inferior - Azersigorta - 19 million 485 thousand, Azsigorta - 16 million 616 thousand, and Mega Sigorta - 11 million 335 thousand.
By July 1, life insurance companies formed 27.18% of total premiums and received 65 million 873 thousand manat with payments of 33.25% (30 million 637 thousand).
The leader in payments is also PASHA Sigorta- 14 million 68 thousand manat. --17D-
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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