Expert: Serious shortage of professional actuaries recorded in Azerbaijan

Business Materials 9 July 2010 17:27 (UTC +04:00)

Azerbaijan, Baku, July 9 /Trend, U.Ismayilova/

There is a serious shortage of professional actuaries in Azerbaijan, said the head of the Society of Actuaries of Azerbaijan Bilal Bilalov. "There are serious problems because of the lack of professionals in the insurance market of the country," said Bilalov.

Poor development of the actuarial activities in Azerbaijan is connected with the fact that there was no demand for this type of activity in the country like other USSR countries.
According Bilalov, actuarial work is independent and today has only been certified as this sphere of activity does not require the license.

"Even despite that first certified actuaries appeared in the country, it does not mean that they all are professionals," Bilalov said.

According to him, it would be better if the certification of actuaries would be made by the Society of Actuaries, which consists of specialists in this sphere.

Association of Actuaries of Azerbaijan was registered May 25, 2007. July 11 of the same year, elections were held for the Supervisory Board, Executive Director and Audit Committee. The initial membership fee of Association is 50 manat.

An actuary is a specialist who evaluates the value of insurance rates and the reliability of an insurer on the basis of statistical data and mathematical methods based on probability theory and statistics.