Pasha Sigorta - Leader in Insurance Market in January
JSC Pasha Sigorta in January once again became a leader in the collection of premiums in the local insurance market. According to the report of the Association of Insurers of Azerbaijan (AIA), it collected 35.2 million manat - a little less than half of the aggregate results across the country.
Total for January, 25 companies collected 76.3 million manats (+ 21.3% to last year's January). The bulk of the awards took place at the position, where life insurance was not included (83.6% or 63.8 million manats in absolute terms). In life insurance, AZN 12.5 million (+ 53.1%) was collected.
In the second place there is Ipek Yolu Sigorta - 8.6 million AZN, followed by Pasha Hayat Sigorta - 7.1 million AZN, Ateshgah - 4.9 million AZN, and Qala Hayat Sigorta - 3 million AZN of premiums.
Total payments of insurers in the reported month amounted to 13.4 million manats (+ 29.4%). The ratio of benefits to premiums as a whole was 17.5%, with the largest increase (6.6 times) occurred in life insurance. --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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