Payments of Life Insurance Sector Grew by Almost Eight Times
Life insurance in the local market from January to November collected 84,932,350 manat (+ 49.1% to November 1 last year).
According to Azerbaijan Insurers Association (AIA), in January-October 2014 the three companies specialized in life insurance «set» aggregate 23.86% of premiums in the piggy of the local insurance market.
After repeated criticism from Turan of the situation, where equitable ratio of payments to premiums was not provided, the situation has changed - for the year payments increased by 7.6 times, amounting to 25,527,290 manat or 30,1% against the premiums (the average acceptable European level). --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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