Insurers Announce Their Expectations from Ist International Insurance Forum in Baku
Azerbaijan, Baku, 22 May/ corr. Trend U.Ismaylova / Conducting Ist International Insurance Forum will be international presentation of the situation and prospects of Azerbaijan's insurance market, said Namik Khalilov, Head of State Insurance Control of Azerbaijan's Ministry of Insurance.
"Forum will give an opportunity to establish direct relations between re-insurance and broker companies for further co-operation with the local companies," Khalilov said.
The Head of State Insurance Control said that after close familiarization with the Azerbaijani insurance market, the foreign investors may announce their wish to begin work in the market as a representative or founders of insurance companies.
Holding International Insurance Forum in Azerbaijan will provide an access of Azerbaijan's insurance market to the world, said the Deputy Director General of B& G insurance company, Afgan Murtuzayev.
According to Murtuzayev, although currently the local companies have relations with the international companies in line with the re-insurance, but the direct relations with the Azerbaijani companies may lead to expansion of these relations more than only in the sphere of re-insurance.
The Chairman of Board of one of the insurance companies in Azerbaijan, Atesgah, Azer Aliyev, does not agree with the opinions of other participants of the market and says that the Forum is an accurate political step for the development of the insurance market, but real economic effects from the Forum may be obtained only after holding it in Baku for several times.
"I do not believe that all invited large international insurance and re-insurance companies will attend the Forum," Aliyev said.
According to Aliyev, today the insurance is of limited character in Azerbaijan. Currently, the local insurance companies are specialized mainly in car insurance. Yet Azerbaijani population does not believe the insurance companies.
Speaking about possible attraction of the foreign capital, Aliyev said that the foreign banks will not so promptly agree to purchase insurance companies in Azerbaijan. One of the reasons for it is weak development of the market. Despite that the new Law on Insurance, which came to force on 15 May, envisages foreign investors' purchase of the local companies, the investors should fully study the market before joining it.
Organized by the Association of Insurers of Azerbaijan along with the support of the Finance Ministry, Ist Azerbaijan International Insurance Forum will take in Baku from 10-11 July. The Forum will be dedicated to the tendency of development of Azerbaijan's insurance market, insurance experience of the European countries in light of its reflection in the development of Azerbaijan's insurance market. The forum is expected to be attended by international insurance and re-insurance companies.
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