Previously, the most sought-after voluntary car insurance becomes unprofitable. The share of premiums in this segment of the market falls from year to year. For this reason the Association of Insurers of Azerbaijan (AIA) jointly with the State Insurance Supervision Service under the Ministry of Finance of AR held a meeting with 21 actuaries.
The event organizers believe that precise mathematical calculations will help bring the benefits of hull insurance to maximum profitability and revive interest in this type of insurance. "The meeting underlined the need to strictly observe the instructions for the actuarial calculations of the implementation of automobile insurance," the press release of the Association said.
This, according to the panelists, will reduce the average insurance rate that will increase the competitiveness of this market segment. Experts believe that this is a half-measure and as long as the central bank will not allow loans to buy cars in the secondary market, the issue of Hull insurance profitability will not be completely solved. --17D-
Economics
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The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change has taken a significant step towards a unified global response to climate change. On the first day of discussions in Baku, participating countries reached a historic agreement on the rules governing the creation and trade of carbon credits. This decision paves the way for the launch of multibillion-dollar carbon credit markets, to be overseen by the United Nations, potentially as soon as next year.
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The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
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The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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