The share of two representatives of Pasha Holding in the local insurance market amounted to 26.76%, and both of them, Pasha Sigorta (48,25 million AZN) and Pasha Hayat Sigorta (42.55 million AZN) are located at the first positions of the premium rating.
According to the report of the Association of Insurers of Azerbaijan, the entire financial sector for January-September raised 339.3 million AZN, more than half of which (54.7%) was provided by the leading five. There, apart from those who directly represents the interests of the Pashayev family (closest relatives of the First Lady), we could see Ateshgah (35.3 million AZN), Ateshgah Hayat (30.2 million AZN) and state-owned commercial company Azersigorta (29,3 million manats).
Note that the amount of premiums of 6 companies for 9 months of the year did not exceed 1 million manats, while 4 of them collected less than a half that automatically casts doubt on the profitability of their activities.
The largest payments also fell on the race leader - JSC Pasha Sigorta (21.7 million AZN or 17% of all payments). Together, the market participants’ payments for insurance claims amounted to 127.4 million manats. Their ratio to premiums by October 1 amounted to 37.6 compared to 100 manats - this figure rose in the last 3 years. --17D-
Economics
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Azerbaijan's Cabinet of Ministers has introduced new regulations establishing the minimum royalties for authors of state-commissioned films, aiming to promote creative works reflecting the country's national identity and cultural values.
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Tea imports to Azerbaijan have increased. According to the State Customs Committee, from January to November 2024, tea imports grew by 3.3% year-on-year to 12,893 tons in volume and by 4.5% in value, amounting to $67.715 million.
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Azerbaijan’s State Railways (ADY) reported a 28% year-on-year increase in transit cargo volumes through the North-South International Transport Corridor (NSTC) in 2024, reaching 814,000 tonnes. This growth underscores the country’s concerted efforts to unlock the strategic potential of the corridor, which connects Northern Europe and Russia to the Indian Ocean.
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The architectural company El & En has received several contracts worth a total of AZN 805,593 from the Committee for Urban Planning and Architecture. Additionally, the Territorial Construction Planning Center commissioned projects from the private company El & En worth several hundred thousand manats. These architectural projects involve work in liberated territories and other regions of Azerbaijan. The co-owner of this company, along with his son, is Elbay Gasimzade, the head of the Public Council under the State Committee for Urban Planning and Architecture and simultaneously the Chairman of the Union of Architects.
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