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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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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The German-Azerbaijani Chamber of Commerce (AHK Azerbaijan) hosted its biannual Members' General Meeting in Baku on December 18, 2024, gathering over 80 business representatives to reflect on the chamber’s milestones and chart a path forward.
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