VII Azerbaijan International Insurance Forum Starts
The VII Azerbaijan International Insurance Forum started in Baku
Speaking at the opening, the head of the Board of Directors of the Financial Markets Control House (FMCH) Rufat Aslanli said the insurance sector has all the legal and regulatory environment for local and foreign investors. Noting the extensive growth, he noted a threefold increase in premiums and twofold increase in payments in the last 6-7 years, But he did not mention the main reason for this - the main charges and fees on insured events (about 70%) are distributed among the top five insurers, while the remaining 22 companies are most deprived of the opportunity to enter into corporate contracts on the background of the lack of economic freedom.
According to the official, the insurance sector is very concerned about the population, and the insurance market is adapting to the new economic situation in the conditions of falling oil prices and the devaluation of the manat to improve stability. "We work on risk transfer, regulation of relations between the insurance and reinsurance, and more efficient model. In addition, consumer protection and the balancing of interests in connection with insurance is one of the important directions of our activity. At the same time, we hold discussions about expanding the range of insurance services and coverage of compulsory and voluntary insurance, and carry out activities in this direction," he said.
He also noted positive changes in the sphere of legal regulation in the insurance industry, providing healthy competition and anti-dumping. --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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