It's time to expand the cooperation between public, private, foreign and international insurance and reinsurance companies. Such an opinion was expressed at the V Azerbaijan International Forum AIIF 2014 by Jurgen Brooker, manager on clients of the world's largest reinsurance company Munich Re (Germany).
As it is noted in the publication of the Romanian virtual magazine XPRIMM Insurance Profile Azerbaijan, now Azerbaijan Insurers Association and the Ministry of Finance AR in partnership with leading international reinsurance companies are working to develop the country's catastrophic insurance pool. According to Brooker, a large part of the Azerbaijani population actually lives on the Absheron peninsula and partly by the River Kura and on the territories bordering the Caspian Sea. From this perspective, there is high possibility of insurance claims as a result of winds and floods. An effective step for better organization of insurance may be the creation of "insurance pool." This view is substantiated by positive examples of countries such as Germany, Turkey, Mexico and Chile.
According to the German analyst, to increase insurance penetration among the population in the long term, we should consider creating an insurance pool from the risks of natural disasters with the parallel operation of compulsory insurance of residential property against natural disasters. Such a mechanism of work provides the following scheme: the purchase by the population of compulsory insurance policies for real estate, insurance companies cover the risks of the owners from natural disasters, and the companies will transfer their risks accumulating in the pool.
Recall that in Azerbaijan there is so far no mandatory health insurance or compulsory agricultural insurance. Implementation of the law in this area is not perfect. The Germans proposed a new type of compulsory insurance that will have a prospect of extensive development. Success requires an educational program with an effective mechanism for the implementation of legislation. - 17D-
Economics
-
Environmental, Social, and Corporate Governance (ESG) principles have emerged as a transformative force in modern business practices, reshaping priorities across industries. This was a key theme highlighted by Orkhan Mammadov, Chairman of the Management Board of the Small and Medium Business Development Agency (KOBIA), at the conference "Labor Relations, Occupational Safety, and Human Resources as Key ESG Approaches," held on Monday in Baku.
-
A detailed review of legislative norms and e-government services across various business environment domains has been prepared and published by the working group of the Business Environment and International Ratings Commission, focusing on electricity network connections.
-
The draft law "On Amendments to the Tax Code," adopted in its third reading, provides for tax exemptions on the sale of locally manufactured buses in Azerbaijan and the supply of spare parts for these vehicles. This was reported by the Tax Service under the Ministry of Economy, explaining that the government's initiative aims to support business development in the country by reducing the tax burden. The exemption will come into effect on January 1, 2025, and will remain valid for eight years.
-
On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
Leave a review