Total annual premium for a new CTP will exceed 70 million manat.
The Office of Compulsory Insurance only for compulsory liability insurance of vehicle owners (new CTP) can collect more than 70 million manat of premiums.
The chief of the State Insurance Supervision Service of the Finance Ministry Namik Khalilov said the prediction is realistic, because for 10 months for this type they already collected 62 million manats (over 6 million per month).
According to him, the presumed premiums are above the amount projected in the early year. Today CTP are entitled to 11 out of 12 local insurance companies - the Office of Compulsory Insurance.
Sale of new policies on CTP started from December 16 last year. The Office of Compulsory Insurance was created in the framework of implementation of the law "On compulsory types of insurance." - 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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