The Green Finance and Sustainable Development Forum was organized by the Central Bank of Azerbaijan, the UN representation in Azerbaijan and financial associations (ASA, ABA, AMFA, AFBIA and AzFina) within the framework of the UN initiative "29 Climate Talks: The Road to COP29". Central Bank Chairman Taleh Kazimov, Minister of Ecology and Natural Resources Mukhtar Babayev, Chairman of the Natural Resources, Energy and Ecology Committee of the Milli Majlis Sadiq Gurbanov and UN Resident Coordinator Nasar Hayat addressed the importance of the event and talked about the work done within the framework of environmental measures. Later, the heads of financial associations spoke at the first panel of the Forum. Elmar Mirsalayev, the Executive Director of the Association of Azerbaijan Insurers, spoke about the dynamics of growth observed in the local insurance market and the work done by the sector within the framework of environmental measures. The forum continued with panel discussions.
ASA has passed its own charter and the Azerbaijan Insurers' Association is now the fourth province in accordance with the initiative of the BMT on the implementation of projects within the framework of "Struggle against the exploitation of underprivileged employees" He successfully completed his positive actions. Local insurance companies "A-Qroup Sığorta Şirkəti" ASC, "Azərbaycan Sığorta Sığorta" ASC, "Qala Hayat" Sığorta Şirkəti ASC, “Qala Sigorta” ASC, “Meqa Hayat Sığorta” ASC, “Meqa Sığorta” ASC and “PAŞA Hayat Sığorta” ASC Sığorta” ASC are also offered. Within the framework of the draft plan, the medical supplies collected on the basis of the recommendations of the insurance companies and the school uniforms prepared to order are provided to the families of the underprivileged, witnesses and victims. At the same time, 50 students were sent to the general population in Uşak, where they took shelter.
Elmar Mirsalayev, the executive director of the Association of Azerbaijan Insurers (ASA), spoke on the topic "Turkish World Insurance Union: Looking to the Future" in the panel "Insurance in the ecosystem of Turkish states" at the congress. The Executive Director of ASA noted in his speech that the Turkish World Insurance Union is being reformed in the format of the Organization of Turkic States: "We are glad that the Turkish World Insurance Union quickly drew the attention of the Organization of Turkic States (TDT) and received a request for member countries to enter under the auspices of the TDT. The relevant state institutions of Azerbaijan supported and approved this request." E. Mirsalayev noted that high growth rates can be observed in the insurance markets of the member countries after the activities of the Turkish World Insurance Union are fully ensured: "There is a need for concrete target indicators for the realization of interest forecasts related to growth. Thus, the establishment of mutual business relations between the insurance markets of the member countries of the Union, the systematic organization of the exchange of experience will turn the existing forecasts from a simple number into reality. Especially in these countries, the social- If we can fully ensure its place as an economic defense wing, growth will become sustainable." The executive director also noted that ASA is preparing a document on the growth of the Turkish World Insurance Association: "As in TDT, we have appointed observer countries in addition to the member countries in the Turkish World Insurance Union. Today, we are preparing a proclamation document that will unite the insurers of not 5, but 8 countries under one umbrella in the Turkish World Insurance Union." It should be noted that Ziya Aliyev, Director General of the Central Bank of the Republic of Azerbaijan, a delegation led by Elmar Mirsalayev, Executive Director of..
This time, a delegation led by the Director General of the Central Bank of the Republic of Azerbaijan, Ziya Aliyev, the Executive Director of the Association of Azerbaijan Insurers, Elmar Mirsalayev, and a group of representatives of local insurance companies were once again represented at the summit meeting. It should be noted that the events organized within the "Insurance Week" will continue in Antalya from October 3, and the delegation of Azerbaijan will also participate in these events.
At the International Insurance Fair, the stand of Azerbaijan Insurers Association was established and our stand was welcomed by the participants of the exhibition. It should be noted that our country is represented at the event by a delegation headed by the Director General of the Central Bank of the Republic of Azerbaijan Ziya Aliyev, Executive Director of the Association of Azerbaijan Insurers Elmar Mirsalayev and a group of representatives of local insurance companies.
Director General of the Central Bank of the Republic of Azerbaijan Ziya Aliyev spoke at the summit attended by the heads of the Ministry of Treasury and Finance of Turkey, as well as the Turkish Insurance and Private Pension Regulatory and Control Authority. The speech dedicated to the topic of the place of the insurance sector in the financial system of Azerbaijan was met with great interest by the conference participants. In his speech, the Director General of the Central Bank, Ziya Aliyev, touched on the current situation of insurance penetration in our country: "The growth in the compulsory insurance market in Azerbaijan continues as a trend. Because today the penetration of compulsory auto insurance in our country is 100%. In addition to voluntary insurance, 5 types of compulsory insurance are applied in Azerbaijan. As the Central Bank of Azerbaijan, we continue our reforms on general compulsory insurances. As a result of these reforms, it will be possible to reach 100% penetration of all types of compulsory insurance in our country." In his speech, the Director General of the Central Bank also announced the increase in assets in the insurance sector in Azerbaijan: "It is encouraging that the share of the insurance sector in the assets of the general financial system has increased from 3.2% to 3.8% in the last 3 years." It should be noted that Ziya Aliyev, Director General of the Central Bank of the Republic of Azerbaijan, a delegation led by Elmar Mirsalayev, Executive Director of the Association of Azerbaijan Insurers, and a group of representatives of local insurance companies are participating in the XIII "Insurance Week" held in Turkey.
Ziya Aliyev, Director General of the Central Bank of the Republic of Azerbaijan, a delegation headed by Elmar Mirsalayev, Executive Director of the Association of Azerbaijan Insurers, and a group of representatives of local insurance companies are participating in the summit conference. Chairman of the Insurance Union of Turkey Ugur Gülen, Chairman of the Turkish Insurance and Private Pension Regulatory and Supervisory Authority Davut Menteş made opening speeches at the event. It should be noted that the 13th "Insurance Week" has started in Turkey from today. Within the week, it is planned to hold "III International Insurance Summit" in Istanbul, and "III International Insurance Congress and Exhibition" in Antalya.
An event was held for the development of the local insurance sector within the framework of the joint cooperation of the Central Bank of the Republic of Azerbaijan and the Association of Azerbaijan Insurers. According to ASA, the event, attended by international experts, is dedicated to the theme "Institutional Excellence in Insurance: Prospects, Challenges and Opportunities". At the event attended by foreign organizations such as PwC, KPMG, SEDDK and AMBEST, "Solvency II", "IFRS 17", sustainability of development in the insurance sector, risk management, information security in insurance, regulation of catastrophic risks, etc. such topical issues were the main areas of discussion. Speaking at the event and sharing their experiences, insurance experts from foreign countries positively assessed the current development dynamics of the insurance industry in our republic, as well as the sectoral reforms carried out. It should be noted that this event was organized in accordance with the new development strategy of the Central Bank of the Republic of Azerbaijan in order to ensure sustainable development of local insurance companies based on international trends.
In addition to Azerbaijan, insurers from about 50 countries are represented at the conference organized by "UNIGLOBAL" company. Within the framework of the conference, the most advanced medical insurance innovations, adaptation strategies for future generations, and the effects of technological development on the insurance sector are topical topics of discussion. The main purpose of the participation of the Association of Azerbaijan Insurers in the conference is to closely study the innovations recorded in the global health insurance markets and to determine the possibilities of integrating these innovations into the local market.
Elmar Mirsalayev, Executive Director of the Association of Azerbaijan Insurers (ASA), participated in the next meeting of the Presidium of the Confederation of Entrepreneurs of Azerbaijan (ASK). It should be noted that the Executive Director of ASA E. Mirsalayev is a member of the Presidium of ASK.
During the meeting, indicators for the last quarter of the sector and strategic initiatives in the medium-term perspective were reviewed. Also, opinions were exchanged on the development trends and challenges of the insurance sector, potential opportunities and other relevant issues.
An event dedicated to the "Business Meeting of the Turkish-Azerbaijani Trade Delegation" was held today in Baku under the joint organization of the Ministry of Trade of Turkey and the Turkish Exporters' Assembly. Ambassador Extraordinary and Plenipotentiary of Turkey to Azerbaijan Cahit Bagci, Deputy Chairman of the Management Board of KOBIA Hikmet Mammadov, as well as local and foreign business subjects also participated in the event, which was invited by the Association of Azerbaijan Insurers.
"Agribusiness Development Forum" is being held today in Guba under the organization of the Agrarian Credit and Development Agency under the Ministry of Agriculture. The purpose of the Forum, which was invited by the Association of Azerbaijan Insurers, is to create a favorable investment environment for the sustainable development of agribusiness, and to implement sustainable activities that balance trade development and social responsibility, as well as increase the employment of young people and women. At the forum, Minister of Agriculture Majnun Mammadov, Deputy Secretary General of the Organization of Turkic States Omer Kocaman, Chairman of the Agrarian Policy Committee of the Milli Majlis Tahir Rzayev, Chairman of the Small and Medium Business Development Agency Orkhan Mammadov, Deputy Chairman of the Central Bank of Azerbaijan Aliyar Mammadyarov, President of the Confederation of Entrepreneurs of Azerbaijan Mammad Musayev, Head of Guba District Executive Authority Ilgar Mahmudov and Deputy Regional Representative of FAO Nabil Gangi made an opening speech.
Azerbaijan and Turkmenistan will establish relations in the field of insurance for the first time Elmar Mirsalayev, executive director of the Association of Azerbaijan Insurers (ASA), met with the Ambassador Extraordinary and Plenipotentiary of the Republic of Turkmenistan to Azerbaijan, Gurbanmammed Elyasov. At the meeting, mutual relations between the states of Azerbaijan and Turkmenistan in various fields were touched upon, and mutual relations in the field of insurance between the two countries will be established for the first time. Executive director of ASA Elmar Mirsalayev informed the ambassador about the work done in the insurance field, achievements and international relations of the sector. The executive director also spoke about the Turkish World Insurance Union, which was established by the initiative of ASA and the membership of the insurance associations of 5 Turkish republics, and which will soon come under the auspices of the Organization of Turkic States. Gurbanmammed Elyasov, Ambassador Extraordinary and Plenipotentiary of the Republic of Turkmenistan to our country, touched on the importance of insurance services and highly appreciated the work done in this direction, including the activities of the Turkish World Insurance Union. At the meeting, an agreement was reached on the establishment of relations between the Association of Azerbaijan Insurers and the insurance sector of Turkmenistan.
Azerbaijan Insurers Association continues its series of meetings in order to form relations between the insurance sector and the parliament. For this purpose, the next meeting was held with MP Azer Badamov, a member of the Agrarian Policy, Public Unions and Religious Institutions Committees of the Milli Majlis. At the meeting, the Executive Director of the Association of Azerbaijan Insurers, Elmar Mirsalayev, informed about the activities of ASA, including the reforms carried out in the insurance sector and the achieved achievements. Touching on the international relations of the local insurance market, the Executive Director also spoke about the initiative of ASA and the Turkish World Insurance Association established with the membership of 5 Turkish states. Azer Badamov, a member of the Agrarian Policy, Public Unions and Religious Institutions Committees of the Milli Majlis, MP Azer Badamov, in his speech, highly appreciated the work done in the insurance sector, the implemented reforms and the achieved results. The MP also emphasized the importance of continuing measures to increase confidence in insurance in the next stage. Deputy Azer Badamov proposed to hold a "General discussion" format event between the members of the economy-oriented committees of the Milli Majlis and the insurance market participants in order to develop the dialogue between the insurance sector and the parliament and, as a result, to stimulate the development of the sector. At the end of the meeting, it was reported that the cooperation between the parties will be continued at the next stage.
A seminar on "Corporate management standards in insurers" was held for managers of insurance companies under the joint organization of the Central Bank of the Republic of Azerbaijan, Association of Azerbaijan Insurers and ASA Training Center. According to information provided by ASA, the seminar was moderated by Ziya Aliyev, Director General of the Central Bank of Azerbaijan. The essence of corporate governance standards and its importance in terms of strengthening and developing the sector's financial stability were discussed at the seminar. The role and duties of the board of directors in insurance companies, the risk management system in insurers, the lines of defense for risk management, as well as the functions of the structures that make up it, relevant management processes and other such topical issues were the main topics of discussion at the seminar. In the framework of the discussions, insurance companies also shared their experience with each other.
A meeting was held with Hikmat Mammadov, a member of the Parliament of the Azerbaijan Association of Insurers and a member of the Azerbaijani delegation at the Parliamentary Assembly of Turkic-Speaking Countries. At the meeting, the Executive Director of the Association of Azerbaijan Insurers, Elmar Mirsalayev, informed about the activities of ASA, as well as the reforms carried out in the insurance sector and the successes achieved. Touching on the international relations of the local insurance market, the Executive Director also spoke about the initiative of ASA and the Turkish World Insurance Association established with the membership of 5 Turkish states. He noted that the Turkish World Insurance Union, which plays the role of the insurance hub of the Turkic world, will soon come under the auspices of the Organization of Turkic States, and the first Assembly of the Union is planned to be held in the city of Shusha in Azerbaijan. Hikmat Mammadov, a member of the parliament and a member of the Azerbaijani delegation at TürkPA, in turn, highly appreciated the work done within the framework of ASA and within the sector. The deputy said that the establishment of the Turkish World Insurance Union is an important event for the joint sustainable development of the Turkish states. The MP also emphasized: "The main topic of discussion at the Diplomatic Forum to be held tomorrow in Antalya, Turkey is the organization of institutionalization in the countries of the Turkic world, and it is gratifying that the Turkic World Insurance Union, which was established 2 years ago at the initiative of the Azerbaijani side, is a successful example for the beginning of this process." The member of the Milli Majlis called the insurance market the welfare market of Azerbaijan in the current situation against the background of the achieved successes and wished the Association success in its future activities.
A delegation consisting of representatives of Azerbaijan Insurers Association, Compulsory Insurance Bureau and a group of insurance companies visited Munich, Germany. The delegation participated in the "XIII Annual Summit on Regulation of Insurance Events" to which it was invited as part of the visit. At the summit this year, the role of external companies (outsourcing), artificial intelligence and electronicization, as well as open insurance, the effects of climate change on the insurance sector, etc. such current trends were the main topic of discussion. The Summit, attended by insurers from more than 20 countries of the world, was organized by Uniglobal, a knowledge exchange institute for financial market participants.