Just a few reinsurers and brokers added to the registry of the State Insurance Supervision Service of the Ministry of Finance of AR (http://sigorta.maliyye.gov.az/node/22).
In the reinsurance segment there are 8 novices. The most recognizable brand is Swiss Re Corporate Solutions Ltd. (Dubai branch of the Swiss company). It is also worth noting the presence of the British in the face of Ironshore Europe Limited. The register of foreign insurance and reinsurance companies also includes companies: International Insurance Company IRAO Ltd. (Georgia), Bimeh Iran Insurance Co. (Iran), Starr Insurance & Reinsurance Limited (Bermuda Isles), Qatar Reinsurance Company LLC (Qatar), Emirates Insurance Company (PSC, UAE), JSC ZHASO (Russia). Thus, this list has 159 partners of local insurers.
The number of foreign intermediaries (brokers) has been supplemented by 7 structures - Max Insurance Brokers Ltd., Arthur J. Gallagher (UK) Ltd., Lockton Companies LLP, Alesco Risk Management Services Limited (all are the UK), Aon Central and Eastern Europea (Czech Republic), JLT Sigorta ve Reasurans Brokerligi A.S. (Turkey) and Resolution Insurance Broker, Georgia LLC (Georgia). It is a list of 78 foreign broker companies. Foreign individuals are not represented.
The register of foreign insurance, reinsurance and brokerage companies was established by the Insurance Supervision Service under the law "On insurance activity". Here are companies with high rating, thereby they are allowed to work with local partners to implement the insurance, reinsurance and brokerage operations. --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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