Total premiums of the insurers in Azerbaijan in the first half of 2014 amounted to 212 million manat (+7.1% against the beginning of the year), with growth rates observed only in 11 out of the 28 local insurance companies.
The head of Azerbaijan Insurers Association (AIA) Orkhan Bayramov said payments in January-June amounted to 65.4 million (+12.6% as of 1 July 2013). This figure brought the local market 1.6% closer to the global plate payments - 30.9%.
In the first half of the year the premiums of seven insurers exceeded 10 million manat, 6 insurance companies collected from 5 million to 10 million manat, 9 companies - from 1 million to 5 million manat, and 6 more insurers did not get even 500,000 manat.
The insurance companies openly differed in capabilities - 5 companies (Pasha Sigorta, Ateshgah Hayat, Pasha Hayat Sigorta, Azersigorta and AzSigorta) close to the political power of the country received 53% of all premiums.
A total of 28 companies have licenses for insurance activities in Azerbaijan. - 17D-
Economics
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Fitch Ratings has upgraded Azerbaijan’s long-term foreign currency issuer default rating (IDR) from “BB+” to “BBB-,” signifying an investment-grade status with a stable outlook. Despite this positive move, the agency highlighted several economic hurdles that could impact the country's progress.
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The number of overnight stays in hotels and hotel facilities in Azerbaijan surged by 35.8% in the first half of 2024 compared to the same period in 2023, reaching 1.851 million, according to the State Statistics Committee of Azerbaijan.
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Azerbaijan will unveil a unified electronic portal for real estate early next year, according to Nigar Alimova, Chairman of the Board of the State Cadastre and Real Estate Register at the State Property Service of the Ministry of Economy.
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AzerGold CJSC’s sorption leaching plant, located at the Chovdar Integrated Regional Processing Site (CHIRUP) in Dashkesan district, has commenced full-scale operations, the Ministry of Economy announced.
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