The Size of Insurance Payments Rose almost 1.5 Times
In January-August for all types of insurance companies were paid 58 million 873.05 thousand manats, which is 38.4% more than last year.
Voluntary insurance payments produced 48 million 897.2 thousand manat.
The greatest amount of compensation was in VHI - 25.12 million manat and vehicle insurance - 14.35 million manat, voluntary life insurance paid 2.79 million manat, travel insurance - 132.93 thousand manat.
Accident insurance paid 1.02 million manat, property insurance against fire and other risks - 2.14 million manat, insurance of waterways - 750.46 thsd AZN, aircraft insurance - 868.3 thousand manat (anti-record for all years). Cargo insurance paid 161.57 thsd AZN and voluntary liability insurance of vehicle owners - 147.9 thousand manat.
Voluntary insurance of civil liability for the conclusion of regulations paid 7.51 thsd AZN, general liability insurance - 126.12 thousand manat, and employers' liability insurance - 49.36 thsd manats.
For the death of livestock, as well as on the facts of crop offset it was paid 157.78 thousand manat, which against other types was encouraging.
Mandatory insurance generally paid on contracts 9.98 mln of compensation. In particular, the compulsory insurance of servicemen paid 5.01 million manat, compulsory state insurance judges and law enforcement - 405.92 thousand manat, and the old CTP paid 488.12 thousand manat.
By species, included in the list of the new tariff, the situation is this: the compulsory insurance of civil liability of vehicle owners (new CTP) paid 2.51 million manat, compulsory property insurance - AZN 344.18 thsd, mandatory fire insurance - 350 .7 thousand manat. -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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