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 gross domestic product (GDP) reached 126.3 billion manats in 2024, marking an increase of 3 billion manats, or 2.4%, compared to the previous year, according to data released by the State Statistics Committee. In 2023, nominal GDP stood at 123 billion manats.
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The latest data from the State Statistics Committee reveals that as of December 1, 2024, the total number of salaried workers in Azerbaijan stood at 1.775 million, with 884,400 employed in the public sector and 890,900 in the private sector. This figure falls significantly short of the government's ambitious targets set seven years ago, raising concerns about employment opportunities, particularly for the country's burgeoning youth population.
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Azerbaijan's legal and physical entities engaged in trade operations with partners from 176 countries between January and November 2024, exporting goods to 120 nations and importing from 167, according to the State Customs Committee.
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Azerbaijan's retail trade turnover climbed 3.9% in real terms in 2024 compared to the previous year, reaching a total of 62.2 billion manats, the State Statistics Committee revealed. Food, beverages, and tobacco accounted for 34.1 billion manats, while non-food products contributed 28.1 billion manats to the total.
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