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Azerbaijani Insurers Association to prepare plan of action for 2010: member of board

Business Materials 2 September 2009 15:28 (UTC +04:00)

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Azerbaijan, Baku, September 2 / Trend U. Ismayilova /

The Azerbaijani Insurers Association intends to develop a new strategic plan for 2010, candidate for chairman of the Azerbaijani Insurers Association and Chairman of Ateshgah insurance company, Azer Aliyev, said on September 1.

"A new strategic plan will be developed, taking into account the 2009 plan", Aliyev said.

He said that the Azerbaijani Insurers Association has not yet determined if and when the II Azerbaijani International Insurance Forum will be held; it has not been held in 2009 due to the financial crisis.

The two-day I Azerbaijani International Insurance Forum, organized by the Azerbaijani Insurers Association with the support of the Ministry of Finance, was held in Baku in July 2008.

The Forum was dedicated to trends of development in the Azerbaijani insurance market, the experience of European countries' insurance market for the development of the insurance sector, development of life insurance, analysis of the insurance market as a financial system and corporate governance in insurance.

Representatives of the Polish Reinsurance Company, "SFS" company, insurance company "Russia", the Moscow representation of Cologne reinsurance joint stock company "Allianz" JSC, ROSNO joint company, Ingosstrakh and others attended the forum.

"The Strategic Action Plan for 2010 will differ from the old one because of problems triggered by the financial crisis in 2009", Aliyev said.

The next meeting of the association will take place in September. A new chairman of board will be elected then. The new chairman of the association's board will be Chairman of the Ateshgah company Azer Aliyev.

The Azerbaijani Insurers Association was established in December 2006. The supervisory board of the Azerbaijani Insurers Association include five Azerbaijani insurance companies (MBASK, Standard Insurance, International Insurance Company, Azersigorta, Ateshgah). Each of the five members of the Supervisory Board preside the association for one year in turn, in accordance with the charter.

There are 28 insurance companies and one reinsurance company in Azerbaijan. They are all members of the Azerbaijani Insurers Association.

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