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-
Economics
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Azerbaijan's Cabinet of Ministers has approved amendments to the list of strategically important goods in the country's consumer market, as outlined in Decision No. 136 dated April 27, 2023. The update aligns with the implementation of the Law on State Reserves and a corresponding presidential decree, the government announced on Thursday.
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Representatives of Azerbaijani and Latvian business circles convened in Baku for the "Azerbaijan-Latvia Information and Networking Meeting," marking a significant step in bolstering economic cooperation between the two countries. Latvian Ambassador to Azerbaijan, Edgars Skuja, underscored the event’s mission to connect entrepreneurs from both nations, aiming to enhance collaboration across multiple sectors.
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The President of Azerbaijan approved the amendments on November 7, which were made to the “Law of the Republic of Azerbaijan on Credit Bureaus” by the Milli Majlis. The text of the amended law was published on November 28.
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The European Bank for Reconstruction and Development (EBRD) has released its Transition Report 2024-25 for Azerbaijan, urging the country to take bold steps to improve economic governance and foster private sector development. The report outlines key priorities for Azerbaijan’s economic trajectory and highlights challenges stemming from its reliance on volatile energy markets.
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