Once again, the roster of foreign insurance, reinsurance and brokerage companies constituted by the State Insurance Supervision Service of the Ministry of Finance of Azerbaijan has been expanded.
In particular, the registry of foreign insurance and reinsurance companies has included four organizations - Transatlantic Reinsurance Company (USA), LLC PO Kama RE (Russia), Select Insurance Company Limited (Russia) and Best Meridian Insurance Company (USA). The total number of foreign insurance and reinsurance companies on the roster has reached 147.
In addition, the registry of foreign brokerage firms has included IBS Sigorta ve Reasurans Brokerligi AS (Turkey). The total number of brokerage firms on the roster has reached 69.
The register of civil service is created based on the requirements of the law "On insurance activity." It includes foreign companies said segments rated and is a partner of local insurers. --17D-
Economics
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Azerbaijan’s COP29 Operating Company is advancing green energy initiatives with partners to power the Baku Olympic Stadium, host of the upcoming COP29 climate summit, and to promote sustainability across Azerbaijani regions.
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Azerbaijan's car market has shown mixed trends in 2024, with a sharp drop in the volume of imported vehicles but a rise in overall import costs, according to data for the first nine months.
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Azerbaijan’s real estate market, particularly in Baku, continues to see significant price growth in 2024, with apartment prices up by 9.2% in the first nine months of the year. The trend is largely driven by supply shortages, inflation, and rising demand from investors, according to market analysts.
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The Small and Medium Business Development Agency of Azerbaijan (KOBİA) has focused its support efforts on the Baku economic region, approving 220 business plans from January to September 2024, underscoring its commitment to fostering business growth within the country.
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