Azerbaijan fails to hold second int'l insurance forum

Business Materials 7 June 2010 11:39 (UTC +04:00)

Azerbaijan, Baku, June 7 / Trend U.Ismayilova /

Azerbaijan suspended holding of the second Azerbaijani International Insurance Forum, Azerbaijani Insurers Association (ASA) Executive Director Garfar Majidov said.

"The forum was canceled due to lack of sponsorship," Majidov said. This also was observed in 2009 due to problems with funding.

He said another reason for the abolition of the forum is an insufficient number of applications for participation in the event.

The first Azerbaijani International Insurance Forum was devoted to trends in the insurance market of Azerbaijan, influence on the experience of European countries' insurance market on the development of the insurance sector in Azerbaijan, development of life insurance, analysis of the insurance market of Azerbaijan as the country's financial system and corporate governance in insurance.

Representatives of Polish reinsurance company, "SFS" company, "Russia" insurance company, Moscow office of Cologne Reinsurance Joint Stock Company, "Allianz" CJSC, ROSNO Insurance Company, Ingosstrakh and others attended the event.

The Azerbaijani Insurers Association was established in December 2006. The Association is composed of all insurers operating in the country. The supervisory board of the organization is composed of five insurance companies of Azerbaijan - M BASK, Standard Insurance, International Insurance Company, Azersigorta, Ateshgah.

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