Catastrophic risks aimed at properties Elmar Mirsalayev, executive director of the Azerbaijan Insurers Association (AIA), told the “Report”that one of the main issues to pay attention to in 2025 is catastrophic risks directed to property. "The experience of past years shows that natural disasters, such as floods, floods, fires or incidents caused by negligence, cause serious damage to immovable and movable property. If the property is not insured, then this situation entails large financial losses. For example, we can cite the cases of floods and floods in unstable weather, which were recorded in January, April and October 2024. In particular, in October, 122 applications were received for damage caused to insured real estate as a result of precipitation in excess of the norm,” said the head of the AIA. E. Mirsalayev stressed that natural disasters are inevitable, and in 2025 these risks will remain relevant. Therefore, in his opinion, citizens should definitely insure their property with the types of “compulsory real estate insurance” and “property insurance against Fire and other risks.” According to statistics, in January-November last year, fees on “compulsory real estate insurance” increased by 2.4 million Manats compared to the previous year, and on “property insurance against Fire and other risks” - by 4.1 million Manats. "These indicators indicate an increased interest of citizens in this type of insurance, and this trend will continue”" E.Mirsalayev added. Risks of Motor Transport He believes that the import of a large number of cars into Azerbaijan every year and limited visibility due to unstable weather conditions at different times indicate that the risks of Motor Transport will remain relevant in 2025. This increases the likelihood of accidents for drivers and can create additional financial costs. "In such cases, car owners should pay..
Insurance is a unique mechanism that protects our risky life from unexpected expenses. That is why global insurance markets are developing day by day against the backdrop of changing conditions, including the logical combination of supply and demand. What steps are being taken in the insurance sector in Azerbaijan? Executive Director of the Azerbaijan Insurers Association Elmar Mirsalayev commented on the growth dynamics of the insurance market, the reforms being implemented and forecasts for haqqin.az. - The consolidated indicators of the insurance sector for January-November 2024 have been published. To what extent are access to insurance services, as well as trust and interest in insurance, reflected in the current overview figures? And what reforms have been implemented over the past period to ensure the growth of the industry? - The Central Bank of the Republic of Azerbaijan presented the insurance market information for January-November 2024. The obtained result is encouraging in terms of the sustainability of the growth trend. Thus, during the reporting period, the collection of insurance premiums in the local insurance market was realized in the amount of 1 billion 222 million 166 thousand manats. This is 10.3% more than in the same period last year. Fortunately, a corresponding increase is also observed in insurance payments. In this sense, for insurance cases that occurred in January-November of this year, insurance payments were made in the amount of 694 million 53 thousand manats, which is 39.5% more than in the same period of 2023. In addition, it should be noted that the growth of fees was influenced by most types of insurance offered by our sector. The types of insurance that play an active role in the growth of the industry include Cumulative Life Insurance (with an increase of 84.3 million manats), Voluntary Motor Insurance - Casco (with an increase of 10.9 million manats), Compulsory Motor Liability Insurance, OSAGO..
A meeting with AIA was held at the Center for Analysis and Communication of Economic Reforms. A meeting was held between Elmar Mirsalayev, Executive Director of the Association of Insurers of Azerbaijan (AIA), and Professor Vusal Gasimli, Executive Director of the Center for Analysis and Communication of Economic Reforms (CACER). At the meeting, the increasing role of insurance in the economy, new trends in the insurance sector and interdepartmental bilateral relations were widely discussed. In his speech, the Executive Director of CACER, Vusal Gasimli, stressed the importance of insurance for the Center and our country. He noted that in the documents” Azerbaijan 2030: national priorities of socio-economic development“ and the ”Strategy of socio-economic development of the Republic of Azerbaijan for 2022-2026" have also set a target minimum related to the development of insurance, in particular, with an increase in its role in the economy and growth by 10% per year. V.Gasimli also stressed that in recent years There is an active growth in the insurance sector against the background of real reforms. AIA Executive Director Elmar Mirsalayev, in turn, informed about the reforms carried out with the direct participation of the Central Bank of the Republic of Azerbaijan, which is the supervisory authority in the insurance sector, and about the activities of the AIA. He noted that the local insurance market was able to increase its share in the GDP of the non-oil sector by more than 1%, exceeding the 10% target minimum growth of the insurance sector set in the document "national priorities" to 16% in 2021, 18% in 2022 and 26% in 2023. The Executive Director also spoke about the international relations of the local insurance sector, including the insurance Union of the Turkic World, created with the co-founding of the AIA and the membership of 5 Turkish states. Then, the meeting discussed the draft publication of the textbook..
The management and staff of the Association of Insurers of Azerbaijan visited the Alley of Honor in connection with the anniversary of the death of great leader Heydar Aliyev. The Association's representatives paid tribute to the memory of the national leader of our people, architect and founder of modern and independent Azerbaijan Heydar Aliyev and outstanding ophthalmologist, academician Zarifa Khanum Aliyeva and laid flowers at their graves.
Elmar Mirsalayev, Executive Director of the Association of Azerbaijan Insurers, and members of the Association participating in the "VIII International Banking Forum" held in our country. The Forum was dedicated to the topic of "Reliable, safe and sustainable banking", attended by regulators and supervisors, commercial banks, fintech companies, government and private institutions, as well as well as well-known financial institutions in the field of financial-banking.
The Green Finance and Sustainable Development Forum was organized by the Central Bank of Azerbaijan, the UN office in Azerbaijan and financial associations (AIA, ABA, AMFA, ASMPA and AzFina) as part of the UN initiative “29 climate talks: the road to COP29”. Chairman of the central bank Taleh Kazimov, Minister of Ecology and Natural Resources Mukhtar Babayev, Chairman of the Milli Majlis Committee on Natural Resources, Chairman of the Energy and ecology committee Sadig Gurbanov and UN Resident Coordinator Nasar Hayat spoke about the importance of the event and spoke about the work done within the framework of environmental measures. Then the heads of financial associations made a speech at the first panel of the Forum. Executive Director of the Association of insurers of Azerbaijan Elmar Mirsalayev spoke about the growth dynamics 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.
AIA 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-Group Insurance Company” OJSC, "Azerbaijan Industry Insurance" OJSC, "Gala Life" Insurance Company OJSC, “Gala insurance” OJSC, “Mega Life Insurance” OJSC, “Mega insurance” OJSC and “Pasha Life Insurance” OJSC joined the charity Action launched by AIA under the slogan “for a healthier and more insured future”. School supplies and custom-made school uniforms collected on the basis of donations from insurance companies within the framework of the charity project were supplied to low-income families, children of martyrs and veterans, as well as to 50 schoolchildren in children's shelters.
Elmar Mirsalayev, the executive director of the Association of Azerbaijan Insurers (AIA), 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 AIA 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 (OTS) and received a request for member countries to enter under the auspices of the OTS. 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 AIA 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 Gulen, Chairman of the Turkish Insurance and Private Pension Regulatory and Supervisory Authority Davut Mentesh 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 AIA, 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.
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.
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.
Another meeting was held between the chairman of the Central Bank of the Republic of Azerbaijan, Taleh Kazimov, and the leaders of the insurance sector. 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.
May 31, 2024, Baku: the steady increase in the volume of loans granted to individuals by banks and non-bank credit organizations in Azerbaijan has necessitated strengthening the protection of individuals taking out loans with life insurance. The Сentral Bank was particularly sensitive to the issues of solvency of individuals served by credit institutions on consumer loans and their protection against life risks. In this area, the development of the regulatory framework and strengthening control are identified as one of the priorities. For the first time in order to strengthen the protection of life risks of debtors on consumer loans by insurance mechanisms, a joint activity of the Association of Insurers of Azerbaijan (AIA) and the Association of Banks of Azerbaijan (ABA) was organized at the beginning of this year at the initiative of the Central Bank. Thus, with the formation of new conditions in this area, proposals were put forward on the existing regulatory framework and broad discussions were held with the Central Bank. As a result of this activity, by the decision of the Board of the Central Bank of the Republic of Azerbaijan dated 16.05.2024, amendments and additions to the “rules for insurance of borrower's life against death and loss of working capacity on loan agreements submitted to individuals”and “rules for managing credit risks in banks”were approved. According to the new rules, the term of insurance coverage under insurance contracts should be equal to the remaining term of the loan. Regardless of whether the insurance amount is fixed or decreasing, the minimum amount of the actual debt of the borrower to the credit institution, and the maximum amount of 110% of the amount of this debt by mutual agreement of the parties should be determined. This will ensure the conclusion of the borrower's obligations to the credit institution in accordance with the payment..
A meeting with AIA was held at the Center for Analysis and Communication of Economic Reforms. A meeting was held between Elmar Mirsalayev, Executive Director of the Association of Insurers of Azerbaijan (AIA), and Professor Vusal Gasimli, Executive Director of the Center for Analysis and Communication of Economic Reforms (CACER). At the meeting, the increasing role of insurance in the economy, new trends in the insurance sector and interdepartmental bilateral relations were widely discussed. In his speech, CAСER Executive Director Vusal Gasimli stressed the importance of insurance for the Center and our country. He noted that in the documents” Azerbaijan 2030: national priorities of socio-economic development“ and "Strategy of socio-economic development of the Republic of Azerbaijan for 2022-2026" have also set a target minimum related to the development of insurance, in particular, with an increase in its role in the economy and growth by 10% per year. V.Gasimli also stressed that in recent years in The insurance sector is experiencing active growth against the background of real reforms. AIA Executive Director Elmar Mirsalayev, in turn, informed about the reforms carried out with the direct participation of the Central Bank of the Republic of Azerbaijan, which is the supervisory authority in the insurance sector, and about the activities of the AIA. He noted that the local insurance market was able to increase its share in the GDP of the non-oil sector by more than 1%, exceeding the 10% target minimum growth of the insurance sector set in the document "national priorities" to 16% in 2021, 18% in 2022 and 26% in 2023. The Executive Director also spoke about the international relations of the local insurance sector, including the insurance Union of the Turkic World, created with the co-founding of AIA and the membership of 5 Turkish states. Then, the meeting discussed the draft publication of the textbook..
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 Small and Medium Business Development Agency Hikmet Mammadov, as well as local and foreign business subjects also participated in the event, which was invited by the Association of Azerbaijan Insurers.
Today, Guba hosts “Agribusiness Development Forum” organized by the agency for agrarian credit and development under the Ministry of Agriculture. The purpose of the Forum, which is invited by the Association of Insurers of Azerbaijan, is to implement sustainable activities that balance the development of trade and social responsibility by creating a favorable investment environment for the sustainable development of agribusiness, as well as increasing the employment of young people and women. Minister of Agriculture Majnun Mammadov, Deputy Secretary General of the Organization of Turkic states Omer Kocaman, chairman of the Milli Majlis Agrarian Policy Committee 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.
Executive director of Azerbaijan Insurers Association (AIA) Elmar Mirsalayev met with Ambassador Extraordinary and Plenipotentiary of Turkmenistan to Azerbaijan Gurbammad Elyasov. At the meeting, the existing mutual relations between the states of Azerbaijan and Turkmenistan in various fields were touched upon and it was emphasized that the mutual relations between the two countries will be established for the first time in the field of insurance. AIA executive director Elmar Mirsalayev informed the ambassador about the work done in the field of insurance, achievements and international relations of the sector. The executive director also spoke about the Turkish World Insurance Union, which was established on the initiative of AIA and with the membership of 5 insurance associations of the Turkish Republic, and will soon be under the auspices of the Organization of Turkic states. Referring to the importance of Insurance Services, Ambassador Extraordinary and Plenipotentiary of the Republic of Turkmenistan to our country Gurbanmammed Elyasov 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 Azerbaijan Insurers Association and the insurance sector of Turkmenistan.
The Association of insurers of Azerbaijan continues a series of meetings to form relations between the insurance sector and the parliament. To this end, the next meeting was held with member of the Milli Majlis Committees on Agrarian Policy, as well as public associations and religious organizations, MP Azer Badamov. During the meeting, the executive director of the Association of insurers of Azerbaijan Elmar Mirsalayev informed about the activities of the AIA, including the reforms carried out in the insurance sector and the achievements achieved. Touching upon the International Relations of the local insurance market, the executive director also spoke about the Turkish World Insurance Association, which was founded on the initiative of AIA and the membership of 5 Turkish States. Member of the Milli Majlis Committees on Agrarian Policy, as well as public associations and religious organizations, MP Azer Badamov highly appreciated the work done in the insurance sector, the reforms implemented and the results achieved. The deputy also stressed the importance of continuing measures to increase confidence in insurance at the next stage. MP Azer Badamov also suggested holding a "general discussion" format event between members of the economy-oriented committees of the Milli Majlis and insurance market participants in the near future in order to develop the dialogue between the insurance sector and the parliament and, as a result, stimulate the development of the sector. At the end of the meeting, it was noted that cooperation between the parties will continue at the next stage.
The Central Bank of the Republic of Azerbaijan, Azerbaijan Insurers Association and AIA Training Center jointly organized a seminar on “corporate governance standards in insurers” for the heads of insurance companies. According to AIA, the seminar was moderated by the director general of the Central Bank of Azerbaijan Ziya Aliyev. The essence of corporate governance standards and its importance in terms of strengthening and developing the financial stability of the sector were discussed at the seminar. The role, duties of the board of directors in insurance companies, risk management system in insurers, protection lines on risk management, as well as the functions of its constituent structures, relevant management processes and other relevant issues were the main topics of the seminar. As part of the discussions, insurance companies also shared their experiences with each other.
Azerbaijan Insurers Association held a meeting with member of Milli Majlis, member of Azerbaijani delegation in Parliamentary Assembly of Turkic-speaking countries Hikmet Mammadov. During the meeting, Elmar Mirsalayev, executive director of the Association of insurers of Azerbaijan, informed about the activities of AIA, as well as the reforms carried out in the insurance sector and the successes achieved. Touching upon the International Relations of the local insurance market, the executive director also spoke about the Turkish World Insurance Association, which was founded on the initiative of AIA and 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 be 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. Member of the Milli Majlis, member of the Azerbaijani delegation to TurkPA Hikmet Mammadov, in turn, highly appreciated the work done within the AIA 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 Turkic states. The deputy also stressed: "The main topic of discussion at the diplomacy 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 Turkish World Insurance Union, created 2 years ago on the initiative of the Azerbaijani side, is a successful example for the beginning of this process." In light of the successes achieved, the MP called the insurance market the welfare market of Azerbaijan in its current state 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.