The creation and development of local micro insurance is supported by the Asian Development Bank (ADB). According to the Association of Insurers of Azerbaijan (AIA), support will be provided through technical assistance.
According to the head of AIA Orkhan Bayramov, yesterday he held a meeting with representatives of the bank. They discussed the situation in the insurance market, problems and prospects of development of this sphere, as well as the actions and intentions of the Association. "The parties agreed that in July within the traditional International Insurance Forum a seminar and discussion on micro insurance will be arranged.
There was also discussed the creation of new insurance products, including products for the banking sector, finding new channels to increase sales of insurance products, engaging micro finance entities in the insurance market of Azerbaijan.
Azerbaijan has been a member of ADB since 1999. Until the end of last year, the largest Asian financial body provided official Baku with loans and technical assistance totaling $ 1 billion 975.6 million. --17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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