The ongoing III Azerbaijan International Insurance Forum (AIIF-2012) has addressed the problem of local life insurance.
According to the speaker, chairman of the Insurance Company Ateshgah Hayat, Akbar Madatli, full development of local life-insurance is interfered with the lack of reliable instruments that can attract large investments, as well as gaps in the legislation and a low level of trust from consumers. Unfortunately, the local life insurance companies use exclusively bank deposits as an investment tool.
In continuation of yesterday's speeches, he spoke about the need for legislative tax incentives. It would be nice to release individuals entering into a contract of life insurance, not only on the income tax, but also on the part of social welfare payments.
In the country, insurance contracts are valid up to 3 years, and credit agreements are valid for a maximum of 25 years, said Madatli. There is a need to improve the compulsory insurance, the reform of pension insurance, providing mass information to citizens.
Recall that three companies - Pasha Hayat, Ateshgah Hayat and Qala Hayat - deal with life insurance in Azerbaijan. -17D-
Economics
-
Azerbaijan's tourism industry has shown marked signs of recovery and growth in the first nine months of 2024, underscoring the sector's resilience and adaptability in the post-pandemic landscape. As of September 2024, nearly 2.086 million foreign tourists visited Azerbaijan, a robust increase of 30.2% compared to the same period in 2022. The country witnessed a particularly strong performance in July 2024, with 271,591 tourists—a 21% rise from July last year.
-
Freight traffic along the Trans-Caspian International Transport Route has shown a remarkable increase in the first nine months of 2024, bolstered by a concerted push from participating countries to enhance their transport corridors and logistical frameworks. The strategic corridor, which links Asia and Europe via the Caspian Sea, has seen cargo volumes surge by 2.7 times compared to the same period in 2022, highlighting its growing significance as a viable alternative to traditional trade routes.
-
In September 2024, the prices of building materials in Baku increased by an average of 0.9% compared to the previous month, reflecting a stable yet slightly inflationary trend in the construction sector. This trend has been driven by a mix of local demand factors and fluctuations in import prices, particularly for materials such as timber and rebar.
-
The British Islamic Trade Association and the Association of Food and Beverage Producers of Azerbaijan signed a Memorandum of Understanding (MoU) during the first Azerbaijan Halal Business and Tourism Forum (AZHAB Forum), held in Baku on October 8-9, 2024.
Leave a review