On account of three local companies providing life insurance services (Pasha Hayat Sigorta, Ateshgah Hayat Sigorta and Qala Hayat Sigorta) in the first half of 2015 there was 65.9 million manat (+ 17.5% to July 1, last year). Taken together, this means 27.2% of the total insurance market.
In the structure of life insurance cumulative life insurance premiums were 56.3%, compulsory insurance against accidents and occupational diseases in industry - 31.9%, and insurance against death - 11.5%.
Payments by the mentioned companies were at the level of 30.6 million manat (an increase of 8.8 times) with a share of 33.3%. The payout structure for these insurance types was 90.5%, 3.7% and 5.8% respectively.
For every 100% of life insurance premiums the payments amounted to 46.5% (by 1 July of the previous year the index was 6.2%). --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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