The list of foreign insurance, reinsurance and brokerage companies has added two British players in this segment.
According to the official website of the State Service for Insurance Supervision, at the end of this month (registered by July 10) the registry got another foreign insurer - Berkshire Hathaway International Insurance Limited. Thus, the number of insurance companies with foreign capital reached 92 units.
The number of foreign players in the local brokerage segment (filed July 9) increased to 64 by the brokerage firm Bar Professions Limited.
The total number of reinsurance companies on the roster has been kept as 39. Foreign individuals who want to be brokers in Azerbaijan have not been registered yet.
According to the law "On insurance activity," the register of foreign insurance, reinsurance and brokerage companies has to include rated companies by which Azerbaijani insurers are advisable to conduct insurance and reinsurance operations.
According to the same law, the registry must be updated promptly, so that the company can begin on time to participate in the financial market of Azerbaijan.
The registry of the State Insurance Supervision Service was established under the law "On insurance activity". - 17D-
Economics
-
Rice imports to Azerbaijan have soared to unprecedented levels during the January-November 2024 period, reflecting both rising domestic demand and increasing global food prices. Over this period, the country imported 60,400 tons of rice, marking an 18.6% increase in volume and a 35.3% rise in value compared to the same period in 2023.
-
Over 17,750 life insurance contracts and 40,661 property insurance contracts were signed through Azerbaijan’s Mortgage and Credit Guarantee Fund (MCGF) between 2022 and 2024, reflecting the growing role of the Fund in strengthening the housing finance and insurance markets. These figures were revealed by Rasim Abdullayev, Director of the Mortgage Lending Department at MCGF, during the seminar "Tools for Supporting Housing Finance and Entrepreneurship."
-
The value of paid services provided to the population in Baku reached 6.94 billion manats in the first eleven months of 2024, reflecting a real-term increase of 9.2% compared to the same period in 2023, according to data from the Baku City Statistical Department.
-
According to data from the Baku City Statistical Department, the retail trade turnover in Azerbaijan’s capital, Baku, increased by 5% year-on-year from January to November 2024, reaching 31.6 billion manats. This growth reflects the steady recovery of the economy and consumer confidence amid broader market stability.
Leave a review