Minister: Favorable time for insurance development in Azerbaijan

Minister: Favorable time for insurance development in Azerbaijan

Azerbaijan, Baku, July 7 /Trend, A.Akhundov/

Azerbaijan plans to use electronic signatures for conclusion of insurance contracts, Azerbaijani Finance Minister Samir Sharifov said Thursday in his speech at the 2nd International Insurance Forum in Baku.

"For the purpose of insurance development in Azerbaijan, the Ministry plans to conduct a series of measures, including the use of electronic signatures for concluding contracts and creating the necessary legal framework," the minister said.

He said there are plans to conduct necessary measures to improve the actuarial affairs and other components of the insurance market in Azerbaijan.

"We will also implement measures aimed at bringing the legislation on regulation of the relationship between insurer and insured into conformity with the EU legislation," said Sharifov.

He said the Finance Ministry will also conduct activities in the field of enlightenment of the population in the field of insurance.

"One of the main conditions for the development of insurance is to enlighten the population in this sphere, and we will continue the work started by us," said the Minister. There have been major shifts in the insurance market in Azerbaijan in recent years, he said.

"If in 2003, the insurance premium per capita was seven manat, in 2010, it increased 2.5 times to 17.5 manat," said the Minister. Sharifov said that today there is a favorable condition for the development of the insurance sector in Azerbaijan.

"Today's forum will discuss problems and prospects of the insurance market in Azerbaijan, and I hope that today's discussions will be fruitful," said the minister.

The total amount of premiums of all insurance companies operating in Azerbaijan in the first five months of 2011 amounted to 86.453 million manat (annual growth of 29.2 percent), and payments for the reported period totaled 22.195 million manat (with an increase of 19.9 percent).

The Forum to be held on July 7-8 is organized by the AIA and Finance Ministry of Azerbaijan.

The main themes of the Second Azerbaijan International Insurance Forum, which will run for two days, are "compulsory insurance", "Life Insurance" and "Banks and their relationship with the insurance market".
Together with the heads of the Azerbaijani insurance companies, the Forum is also attended by the heads of prestigious international insurance and reinsurance companies.

General sponsors are AzRe and International Insurance Company. Also sponsors are Qarant Sığorta, Atəşgah Sığorta, AXA MBASK, Standard İnsurance, Azal Sığorta, A Group İnsurance Company, Azərsığorta, Başak İnam Sığorta, Azərbaycan Sənaye Sığorta. Foreign partners are the companies UNİTRE, Nexum Technologies. Information support to the forum is provided by Synergy Partnership, Media X Primm, Rumıniya PR, and organizational support - travel company RAN Tour.

Currently 28 insurance and one reinsurance companies operate in Azerbaijan.
Official rate on July 7 is 0.7870 AZN/USD.

Uzbekistan aims to reboot its tourism industry
Uzbekistan aims to reboot its tourism industry
Turkey sees drastic fall in number of tourists from France
Turkey sees drastic fall in number of tourists from France
Number of Uzbek tourists visiting Turkey in April 2020 sharply down
Number of Uzbek tourists visiting Turkey in April 2020 sharply down
Loading Bars
Latest
Chinese mainland reports no new domestically transmitted COVID-19 cases
Trump calls for delay in Group of 7 meeting, seeks expansion
Los Angeles declares curfew after four days of protests
Trump calls Floyd death 'grave tragedy,' decries violent protests in Florida speech
National Guard troops sent to Atlanta; city invokes curfew
Crew Dragon in orbit after historic launch
Federal officer killed guarding courthouse near protest
COVID-19 cases in Israel surpass 17,000
WHO reports single-day increase in coronavirus cases by over 116,000
Moscow registers 69 coronavirus-related deaths in past 24 hours
Coronavirus cases surpass 6 mln globally
Spain's daily coronavirus death toll drops to a handful
Two gunmen killed in counterterrorism operation in Ingushetia
Azerbaijan increases import of cars from Turkey
Turkey's daily coronavirus cases remain below 1,000 with 26 new deaths
Italy records 111 new coronavirus deaths, 416 new cases
Azerbaijan discloses number of coronavirus tests
EU urges U.S. to reconsider decision to cut ties with WHO
Britain at a very dangerous moment in the pandemic, health official says
COVID-19 deaths in Netherlands rise by 20
Magnitude-5.4 earthquake rattles southern Philippines
Iranian minister announces number of renewable energy power plants under construction
Azerbaijan Micro-finance Association supports female entrepreneurs affected by COVID-19
2,355 new COVID-19 infections detected in Qatar, total 55,262
Iran's Aghajari Oil & Gas Production Company introduces LBV technology
Azerbaijan confirms 257 new COVID-19 cases
Iran eyes to review gas export contracts
Turkmenistan decreases import of ready-made clothing from Turkey
Iran's stock market grows with inflation
Turkey's export of steel to Uzbekistan down by over half
Iran gov't to transfer shares of 20 companies to Social Security Organization
Data on cargo transshipment through Turkish port of Aliaga disclosed
Kazakhstan reduces import of cars from Turkey
Kazakhstan's import of Turkish defense products heavily down
Japan supports sustainable development of Uzbekistan
Russia’s Asian-Pacific Bank to supply its silver bullion to Kazakhstan
Volume of wheat purchased in Iran's Fars province increases
Cargo deliveries from Georgia to Turkey climb
Kazakhstan's oil extracting company opens tender for equipment overhaul
Revenue of Kazakhstan’s largest oil pipeline company plummets in 1Q2020
Turkish ministry discloses number of oil exploration wells drilled in 2019
Uzbek-Korean JV opens tender for procurement of MTR for pumps
Georgia reports 11 new coronavirus cases
Plane of Kazakhstan's private airline bursts into fire
Kazakhstan's KazTransOil to allocate entire income to pay dividends
Iranian Offshore Oil Company repairs floating processing terminal
Iran's export transportation fees tripled
Iran to sell domestically produced cars via profit-sharing scheme, lottery
Yandex registers as taxpayer in Uzbekistan
Largest in CIS solar plant commissioned in Kazakhstan's Akmola
Georgia ranks third in gas prices
Iran investing heavily in expanding national internet network
Kazakhstan adopts law on imported goods traceability mechanism
Kazakhstan’s uranium fields exploring venture to buy filters via tender
Iran cuts import of electrical goods from Turkey
Azerbaijan Mikro-Kredit NBCO's assets marginally up
Iran spends less foreign currency on car manufacturing
Iran discloses COVID-19 statistics for May 30
Azerbaijan's NBCO faces heavy drop in profit in 2019
Governor of Central Bank of Iran promises to gradually get rid of chronic inflation
Azerbaijan may introduce COVID-19 passport after resuming flights
Rouhani: It is not possible to return to pre-coronavirus conditions soon
Value of foreign trade via customs of Iran's Mazandaran Province increases
Leading Azerbaijani bank reduces payment card fees during COVID-19 pandemic
Azerbaijani oil grows in price
Azerbaijan's Azeltech eyes testing new drones
USAID interested in expanding co-op with Uzbekistan
Cargo transportation from Turkmenistan to Turkey slips
FINСA Azerbaijan NBCO's total assets triple
Turkish ministry bans engineering company from participating in ETI MADEN I.G.M.'s tenders
Iran's Esfahan Oil Refining Company announces savings due to import substitution
First Free Economic Zone of Uzbekistan talks its achievements
Georgian National Bank reveals official exchange rate of lari in April
Iran's Khodro cancels prepayment for its lottery sales
Sales value of National Iranian Copper Industry Company increases
Volume of cargo transshipment from Germany via Turkish ports revealed
Uzbekistan reports rise in coronavirus cases
Share of population under absolute poverty line slightly decreases in Georgia
Armenia violates ceasefire with Azerbaijan 29 times
Iran Energy Exchange announces products to be on sale May 30
Georgia's import of electrical goods from Turkey shrinks
Uzbekistan to construct BMX track
Turkey announces volume of cargo transshipped via its ports from Italy
Iranian airlines to receive coronavirus-related relief loan in June
Cargo transshipment volumes from Belgium via Turkish ports disclosed
Iranian currency rates for May 30
Armenian architect admits: Previously, Armenians didn't live in Yerevan (VIDEO)
Uzbek holding to assemble agricultural machinery in Kazakhstan
Gazprom says price of natural gas for Georgia to remain unchanged
FAO designs projects aimed at overcoming COVID-19 consequences in Azerbaijan
Minneapolis imposes mandatory curfew amid unrest
S. Africa reports record daily increase in COVID-19 cases
China reports four new coronavirus cases for May 29
Hundreds in New York protest over George Floyd's death
Brazilian Economy Ministry predicts greater GDP decline in second quarter
5.2-magnitude quake hits Whitianga of New Zealand
Number of COVID-2019 cases across globe up by over 107,000 in past day
Trump says terminating U.S. relationship with World Health Organization over virus
Brazil sets new record for daily COVID-19 infections
Singapore reports 611 COVID-19 cases
All news