2nd Forum of Local Insurance Agents to Be Held December 11
On December 11, with the assistance of the Ministry of Finance and Azerbaijan Insurers Association (AIA), the 2nd Forum of Local Insurance Agents will be held.
The AIA Chairman Orkhan Bayramov reported the event is expected to involve about 250 representatives of insurance companies and intermediaries with the status of a legal entity, which is about a third of the country's insurance agents.
As a keynote speaker a representative from the Compulsory Insurance Bureau will speak. The success of the financial sector much depends on this area. The main topic of discussion will be the upcoming qualitative changes in the area in 2014.
According to Bayramov, prepared by experts and still distributed within the market, educational, advocacy and technology programs for insurance agents and other intermediaries will not only increase sales, but also the professional development of the specialists themselves.
One of the expected topics is the changes to the law on insurance of the AR recently adopted by the Parliament. - 17D-
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review