According to the Association of Insurers of Azerbaijan, last year insurers 7 (of 27) finished with a loss. And one of them (Buta Sigorta) was twice a loser. It was in the red in 2013 and in 2014.
In addition to it, the list of nominal outsiders included: Amrah Sigorta, Bashak Inam, Era Trans, Azerbaycan Senaye Sigorta, Baki Sigorta and AXA MBASK. The latter will invest in the expansion of the business, which has provoked a negative balance sheet. Special case is Chartis Azerbaycan, which, though earned income, actually dropped out of the market processes. --17D-
Table of Profits of Insurers, DESC
№ |
Companies (JSC)
|
Profit/loss in 2014 (AZN)
| Profit/loss in 2013 (AZN) |
1 | Az Sigorta | 14 844 672,30 | 15 933 518,16 |
2 | Pasha Sigorta | 8 735 114,11 | 6 607 023,84 |
3 | Pasha Hayat | 4 284 475,50 | 8 070 899,87 |
4 | Ipek Yolu Sigorta | 4 052 846,77 | 2 643 611,65 |
5 | AzerSigorta | 3 435 211,63 | 2 055 506,83 |
6 | Mega Sigorta | 2 818 135,10 | 1 307 216,10 |
7 | Khalg Sigorta | 2 204 179,30 | 1 905 052,70 |
8 | Qala Hayat | 2 002 055,71 | 794 254,94 |
9 | A-Group | 1 850 052,51 | 1 934 018,08 |
10 | Ateshgah Hayat | 1 424 168,86 | 1 123 144,34 |
11 | Ata Sigorta | 1 143 756,49 | 1 272 702,42 |
12 | Rеvan Sigorta | 619 083,98 | 822 244,93 |
13 | Azеrqarant | 576 180,22 | 504 868,50 |
14 | Standard Insurance | 467 617,59 | 1 043 482,24 |
15 | MSK | 458 550,36 | 15 416,95 |
16 | Ateshgah Sigorta | 250 470,48 | 182 388,82 |
17 | Qarant Sigorta | 233 627,78 | 982 516,81 |
18 | Alfa Sigorta | 105 995,91 | 22 162,72 |
19 | Gunay Sigorta | 40 103,50 | 17 065,92 |
20 | Chartis Azerbaycan | 15 573,00 | -154 858,00 |
21 | Amrah Sigorta | - 144 817,14 | 377 334,80 |
22 | Bashak Inam | - 212 268,12 | 162 269,04 |
23 | Era Trans | -795 608,41 | 347 076,94 |
24 | Buta Sigorta | - 894 250,74 | -1 158 916,27 |
25 | Azеrbaycan Sеnaye Sigorta | -1 539 752,00 | 2 482 293,28 |
26 | Baki Sigorta | -1 635 421,52 | 309 346,29 |
27 | AXA MBASK | -2 934 291,62 | 29 452,34 |
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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