State Insurance Control of Azerbaijan to Develop Actuarial Work
Azerbaijan, Baku, 4 June/corr. Trend U.Ismayilova/ The state insurance control department of Ministry of Finance of Azerbaijan plans to develop actuarial work said Namig Khalilov, head of department said.
Actuary - is a specialist, evaluating quantity of insurance tariffs and reliability of insurer on the base of static information and mathematical methods, based on the theory of probability and mathematical static.
According to Khalilov, state insurance control intends to develop actuarial work to develop insurance market of the country. In July state insurance control will launch special courses for training of actuaries in 4 stages, the first of which will be held by Michael Zee, famous Canadian specialist.
Jamil Malikov, the director of MBASK, one of large insurance companies of Azerbaijan, believes that the development of actuarial work is important especially for professional life-insurance.
According to Malikov, that actuary is very important in life-insurance, because calculation of death rate schedule, which is the integral part of this kind of insurance.
Although Azerbaijani insurance market is left behind world process concerning actuary work, gradual development of this sphere influences general development of market and gradual correspondence to world standards.
According to Nofel Rzayev, director general of large Pasa Sigorta insurance company, professional insurance business is based on underwriting policy, professional structure of reinsurance, risk management and one of not the least terms of professional insurance business is operational actuarial business- process.
"Actuarial work is important both in life and other kinds of insurance," said Rzayev.
Also Rzayev believes hat that not only mathematical education, but also special education is important for professional development of actuarial work.
The correspondent can be contacted at [email protected]