On account of the reinsurance company AzRe Tekrarsigorta by 1 June this year, there was 35 million 953 thousand manats. As reported in the ongoing in Baku VI Azerbaijan International Insurance Forum (AIIF-2015) by Chairman Fuad Guliyev, it is about 19.3% of the total charges on the scale of the local insurance market (207 million 626 thousand manats).
This is somewhat higher than the traditional "Champion» - Pasha Insurance, and even its record to June 1 last year was surpassed 5%. According to the chairman of the board until the end of the year it is planned to increase fees at the same rate.
By the way, the company has 45% of its portfolio formed by the local market, while 55% is received from foreign markets, and it's all thanks to the high international rating, due to which it became possible to extend the geographical coverage. After receiving a rating AzRe got a chance to enter the markets of the Middle East, Kazakhstan, Uzbekistan, Russia, Belarus and Ukraine, where in honor customary requirements for a rating.
Recall that in 2014 the agency AM Best has assigned AzRe Tekrarsigorta a credit rating at BBB-, the company's financial strength rating at B +. --17D-
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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