Two British insurers added to the list of foreign entrepreneurs
The list of foreign insurance, reinsurance and brokerage companies has added two British players in this segment.
According to the official website of the State Service for Insurance Supervision, at the end of this month (registered by July 10) the registry got another foreign insurer - Berkshire Hathaway International Insurance Limited. Thus, the number of insurance companies with foreign capital reached 92 units.
The number of foreign players in the local brokerage segment (filed July 9) increased to 64 by the brokerage firm Bar Professions Limited.
The total number of reinsurance companies on the roster has been kept as 39. Foreign individuals who want to be brokers in Azerbaijan have not been registered yet.
According to the law "On insurance activity," the register of foreign insurance, reinsurance and brokerage companies has to include rated companies by which Azerbaijani insurers are advisable to conduct insurance and reinsurance operations.
According to the same law, the registry must be updated promptly, so that the company can begin on time to participate in the financial market of Azerbaijan.
The registry of the State Insurance Supervision Service was established under the law "On insurance activity". - 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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