Minister: Favorable time for insurance development in Azerbaijan

Business Materials 7 July 2011 17:32 (UTC +04:00)
Azerbaijan plans to use electronic signatures for conclusion of insurance contracts
Minister: Favorable time for insurance development in Azerbaijan

Azerbaijan, Baku, July 7 /Trend, A.Akhundov/

Azerbaijan plans to use electronic signatures for conclusion of insurance contracts, Azerbaijani Finance Minister Samir Sharifov said Thursday in his speech at the 2nd International Insurance Forum in Baku.

"For the purpose of insurance development in Azerbaijan, the Ministry plans to conduct a series of measures, including the use of electronic signatures for concluding contracts and creating the necessary legal framework," the minister said.

He said there are plans to conduct necessary measures to improve the actuarial affairs and other components of the insurance market in Azerbaijan.

"We will also implement measures aimed at bringing the legislation on regulation of the relationship between insurer and insured into conformity with the EU legislation," said Sharifov.

He said the Finance Ministry will also conduct activities in the field of enlightenment of the population in the field of insurance.

"One of the main conditions for the development of insurance is to enlighten the population in this sphere, and we will continue the work started by us," said the Minister. There have been major shifts in the insurance market in Azerbaijan in recent years, he said.

"If in 2003, the insurance premium per capita was seven manat, in 2010, it increased 2.5 times to 17.5 manat," said the Minister. Sharifov said that today there is a favorable condition for the development of the insurance sector in Azerbaijan.

"Today's forum will discuss problems and prospects of the insurance market in Azerbaijan, and I hope that today's discussions will be fruitful," said the minister.

The total amount of premiums of all insurance companies operating in Azerbaijan in the first five months of 2011 amounted to 86.453 million manat (annual growth of 29.2 percent), and payments for the reported period totaled 22.195 million manat (with an increase of 19.9 percent).

The Forum to be held on July 7-8 is organized by the AIA and Finance Ministry of Azerbaijan.

The main themes of the Second Azerbaijan International Insurance Forum, which will run for two days, are "compulsory insurance", "Life Insurance" and "Banks and their relationship with the insurance market".
Together with the heads of the Azerbaijani insurance companies, the Forum is also attended by the heads of prestigious international insurance and reinsurance companies.

General sponsors are AzRe and International Insurance Company. Also sponsors are Qarant Sığorta, Atəşgah Sığorta, AXA MBASK, Standard İnsurance, Azal Sığorta, A Group İnsurance Company, Azərsığorta, Başak İnam Sığorta, Azərbaycan Sənaye Sığorta. Foreign partners are the companies UNİTRE, Nexum Technologies. Information support to the forum is provided by Synergy Partnership, Media X Primm, Rumıniya PR, and organizational support - travel company RAN Tour.

Currently 28 insurance and one reinsurance companies operate in Azerbaijan.
Official rate on July 7 is 0.7870 AZN/USD.