Azerbaijan's insurance market specializing in life insurance for the year rose by more than half. From January to June, collected 49 million 934.55 thousand manat, which is 51.9% higher than the same period last year.
According to the State Insurance Supervision Service of the Ministry of Finance, in the life insurance segment has collected 26.7% of the local insurance market premiums. This is despite the fact that there are 3 patterns of total 28.
Payments companies totaled 2,916,250 manats (72.7%) with weight 5.28% of all payments insurers.
The leading company is Ateshgah Hayat Sigorta with premiums of $ 20,240,000 and payments 1,899,350 manats. It is pursued by Pasha Hayat Sigorta (19,485,580 vs. 788,050 manat), and closes the three Qala Hayat Sigorta (AZN 10,213,750 premiums against 103,120 manat payment). -17D-
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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