Success of AzRe Tekrarsigorta associated with corresponding demand
Despite the growing number of local companies licensed for reinsurance activity, AzRe Tekrarsigorta sees no competitors in the area. Total assets of the leader exceeded 69.2 million by June 1, and the shareholders' equity is 47.33 million manat.
According to company chairman Fuad Guliyev, until it covers half of outward reinsurance. "In April 2014, we increased our obligatory coverage to 20 million manat to provide coverage, which is now available on demand in the market," he said in an interview published in the review of the insurance market of Azerbaijan prepared by the Romanian company Xprimm. According to him, the company sends 90% of the risk to reinsurers with a rating of Standard & Poor's "A" and above.
"With the growth of the insurance market in Azerbaijan rose by 30% and premium AzRe - from 30.3 million in 2012 to 39 million manat in 2013," he said.
AzRe Tekrarsigorta to March 2014 was the only local reinsurance company.
The Company operates in the field of reinsurance in November 2007.
The initial share capital AzRe was 2 million, now it is 40 million manat.
AzRe founders are one entity and five individuals. - 17D-
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- Social
- 24 June 2014 12:28
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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