Payment of the insurance market accounts for 16.4% of premiums
On the local insurance market in January this year were collected 62.9 million manat of total premiums (+ 2.9% compared to January of last year.)
According to the head of Azerbaijan Insurers Association (ASA), Orkhan Bayramov, in January payments in this segment amounted to 10.3 million manat (+ 27.8%), he said.
According to him, during the reporting month for each 100 manat premiums insurers made payments in the amount of 16.4 manat, while in January 2014 this figure was 13.2 manat. On average, in Eastern Europe, on which focuses Azerbaijan, payments to premiums ratio total 30-40%. --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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