As part of life insurance from January to August, there was collected 63 504 000 AZN of premiums. According to the State Insurance Supervision Service under the Finance Ministry, it is about a quarter (25.2%) of total revenues.
Voluntary insurance on the account of three specialized insurers (Pasha Hayat Sigorta, Ateshgah Hayat Sigorta and Qala Hayat Sigorta) is 42.544 million manat, and for compulsory insurance there is 20.9 mln AZN in the segment of insurance against accidents and diseases at work.
An even smaller share of the insurance market is at life insurance payments (a total of 6.2% or 4.798 million manat as of August 1).
Since the beginning of the year, 28 insurance companies collected 251,710,000 manat with payments total of 77.964 million manat.
Turan was told by head of Azerbaijan Insurers Association Orkhan Bayramov the main factor hindering the development of life insurance is insufficiently developed securities market and limited opportunities for investment by insurance companies. They have nowhere to invest funds received from the public, except in bank deposits. In addition, the Central Bank has introduced a number of restrictions on investment objectives.
"If Stock Exchange and the securities market in general work on the full scale, then there will be an impetus for life insurance, or vice versa. Some of the mechanisms must be revived to give impetus to all the rest," concluded the financier.
According to Turan’s experts, while in the country there is no freedom of economy, no segment of the financial life will ever accept the world standards. -17D-
Economics
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On September 20, 2024, Volts Energy Ltd., an engineering company based in Abu Dhabi, and Azerbaijan’s Turan Energy LLC announced the creation of a new joint entity, TuranVoltsEnergy. This venture will focus on EPC (Engineering, Procurement, and Construction) projects in renewable energy and energy storage systems within Azerbaijan.
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The number of passengers traveling by air from Azerbaijan has seen a significant increase in 2024, rising by 26.7% from January to September compared to the same period last year. According to the State Agency for Tourism, a total of 2,548,897 people used air transport services to travel to 40 countries during this period.
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Azerbaijan’s prolonged border closures, approaching five years, have taken a profound toll on the labor market, particularly in border regions, where cross-border trade and services were once critical economic drivers. Official data highlights the stark disparity between the growing labor force and the lack of new job creation in these areas, underscoring the social and economic challenges faced by residents.
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Azerbaijan’s food imports have surged to unprecedented levels, with a significant rise recorded in the first nine months of 2024, according to data from the State Customs Committee. Food imports for January-September reached USD 1.755 billion, marking an 11.4% increase over the same period last year. This represents a USD 179.7 million increase compared to 2023, setting a record for food imports in the country’s history. Over the past decade, food imports have more than doubled, rising by 2.4 times, with a notable 52.5% growth in the last five years alone.
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