Azerbaijan, Baku, 18 November / corr Trend U.Ismayilova / The Azerbaijan Insurers Association (AIA) develops an antirecessionary plan for insurance companies, Jamil Malikov, CEO of MBASK company.
"A meeting of the board of directors was held last week. Committees of the association were charged with development of plan of events for preparation of insurance companies for subsequent year," Malikov said.
Since August, many Azerbaijani banks suspended granting of credits for purchase of automobiles due to influence of global financial crisis and it impacted on the country's insurance market. In market participants' opinion, 80% of automobiles are sold in the country via bank loans which influenced on
big cut in volumes of premiums of insurance companies. Malikov said that this situation will result in 15-percent reduction of total volume of premiums of the country's insurance market.
"An action plan of the association includes holding of negotiations and special training to prepare insurance companies to avoiding influence of financial crisis," Malikov said.
"The actions, which were included in a strategic plan of the association for 2009, were also under discussion. These are organization of training for top management of insurance companies and employees of insurance sphere, work of the committee of AIA on education and preparation and technical-organizational provision of holding of sittings of committees of AIA; creation of electronic library on insurance, control of payments of membership dues, delivery of information and other materials in the direction AIA's activities to AIA members. The plan includes only 12 actions.
The Azerbaijan Insurers Association was established in December 2006. The Supervisory Board of the Association comprises five companies, including MBASK, Standard Insurance, International Insurance Company, Azersigorta and Ateshgah.
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