The sixth Azerbaijan International Insurance Forum (AIIF-2015) has completed in Baku. It was organized by the local association of insurers with financial support from the Ministry of Finance of Azerbaijan.
The most important achievement of the event was the decision on the necessity of state support for agricultural insurance, as expressed in the preparation of the bill with the assistance of the best foreign experts. In addition, Finance Minister Samir Sharifov has promised regulatory methods to implement stricter rules and ways of regulating the activities of intermediaries in the insurance market. The trend of consolidation of the local insurance market, with a gradual withdrawal of a party with low capitalization, is continued.
Emphasis was placed on the introduction of new business areas, and this applies to both mandatory and voluntary types of insurance are considered investment opportunities, the specific risks and insurance coverage for insurance of the property in view of its potential. Reinsurance (the country has a specialized company) technology, fuel and energy risks, the trends in the global reinsurance market and their use in the local environment has also been the focus of foreign and local experts.
Recall that the forum was attended by over 250 representatives from 70 companies from more than 25 countries. Of these, 101 people are foreigners. The forum was also attended by representatives of international organizations and various professional associations. --17D-
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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