VHI has no equal in insurance premiums
In January-July, intensified endowment insurance. Of the total 40.67 million manat life insurance premiums accounted for 18.85 million this segment. On compulsory insurance against diseases and accidents at work has received 18.99 million manat. Other life insurance sector position look like - Contract for cases of incurable diseases brought 114,780 manat, in case of deaths allocated more - 2.71 million Branch It gave almost one-fifth (17.8%) of all the local insurance market premiums collected by contracts until August 1, 228.97 million manat.
In absolute terms leading voluntary health insurance (VHI), against the background of cooperation with the state oil company, "Pasha Sigorta" has become the undisputed leader. On it collected 43.34 million manat.
For voluntary insurance of cars (Hull) they received AZN 32.42 million, mandatory liability insurance of vehicle owners to third parties (the new CTP) - 37.95 million manat with the best growth rates for property insurance against fire - 20.32 million manat, cargo insurance - 8.73 million, aircraft insurance - 5.52 million manat.
The bulk of insurance premiums fell to voluntary insurance - 148.37 million manat. Without taking into account the aforementioned positions, insurance against accidents received 5.78 million manat, voluntary insurance of civil liability of owners of aircraft charges amounted to 1.79 million manat, insurance of ships - 928,280 manat.
Voluntary insurance of civil liability of vehicle owners received 1.35 million manat, foreign travel insurance - 951,440 manat for crop insurance - 269 800, for a pet - 281,740 manat, on other types of voluntary insurance - 834,010 manat (most of the cases of fraud by employees).
Also collected were voluntary premiums for items such as general liability insurance - 2.47 million manat, employer's liability - 794,030 manat, professional liability - 519,890 manat. The remaining positions are immaterial.
For compulsory insurance they got 80.6 million manat, leading to an increase of 12 million in just one month. Of them (except for the said new CTP) for compulsory military insurance collected 10.92 million manat on compulsory state insurance court officials and law enforcement - 4.79 million manat.
On compulsory insurance of property received 7.6 million manat on compulsory insurance of liability of owners of property - 224,040 manat, insurance of passengers brought 67,630 manats (in the first quarter of the graph was not filled). - 17D-
Economics
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According to data released by the State Statistics Committee, Azerbaijan’s agricultural sector achieved slight production growth in the first eight months of 2024. The total volume of agricultural production reached 8.723 billion manats, which is 0.8% higher than during the same period last year. However, this growth occurs against a backdrop of increasing food imports, despite significant government subsidies aimed at supporting domestic agriculture.
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Azerbaijan has unveiled strong fiscal indicators for the first eight months of the current year, reporting a state budget surplus that underscores the country’s economic resilience amidst global uncertainties. According to operational data released by the Ministry of Finance, state budget revenues from January to August 2024 reached 25 billion 223.4 million manats, while expenditures amounted to 22 billion 362.4 million manats.
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Azerbaijan has made significant progress in diversifying its energy balance, with renewable sources playing an increasingly important role in the country's electricity production. Operational data for January-August 2024 show that total electricity generation reached 19,235.4 million kilowatt-hours (kWh), marking a noticeable shift towards greener energy.
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Bilateral relations between Azerbaijan and Russia are accelerating, particularly in the agricultural sector, as Deputy Prime Minister Shahin Mustafayev and Russia’s Minister of Agriculture Oksana Lut underscored during their high-level meeting on September 13 in Baku.
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