The Azerbaijan Insurers Association (AIA) has created a special committee on life insurance in connection with the growth of premiums in this segment. There are 3 companies specializing in life insurance - PashaHayatSigorta, AteshgahHayatSigorta and QalaHayatSigorta.
"Each company will be represented in the Committee by two representatives. As the head of the structure the deputy chairman of PashaHayatSigorta, Niyaz Ismayilov has been appointed," the press release reads. The first committee meeting will be held this week, which will discuss the situation in the market of life insurance and its development prospects.
AIA was founded in December 2006. The main purpose of the Association is to ensure the development of the insurance market of Azerbaijan, as well as the performance of the insurance companies unanimously in the discussion of the problems and prospects of the insurance market. --17D-
Economics
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Azerbaijan is poised to increase wheat imports for the 2024-2025 season following a significant drop in domestic wheat production this year. According to data from the State Statistics Committee, the country harvested 1.68 million tons of wheat in 2024, marking an 8.1% decline from the previous year. This downturn in output, combined with rising import volumes in recent months, indicates that Azerbaijan may lean more heavily on foreign suppliers to meet its wheat needs.
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Azerbaijan Railways CJSC (ADY) has announced the restructuring of its container transportation management in an effort to enhance the efficiency of transit cargo transportation. As part of this reorganization, ADY Express will merge with ADY Container starting on November 1, 2024. The consolidation is aimed at expanding the range of services offered in both container and carriage transportation.
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Azerbaijan has introduced a legal framework enabling the electronic state registration of legal entities with foreign investments, regardless of whether their founders are individuals or legal entities, according to the State Tax Service. The announcement was made by Samira Musayeva, Deputy Head of the State Tax Service, during a meeting of the "Entering Business" Working Group.
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The World Bank aims to deepen its involvement in Azerbaijan's economic development through a new partnership framework program, according to discussions between Azerbaijani officials and World Bank representatives. The proposed framework, which will cover the years 2025-2029, is designed to support the country’s transition to an innovative and less resource-dependent economy.
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