Problems of insurance market of Azerbaijan to be discussed in autumn
Azerbaijan, Baku, Aug.8 /Trend A.Hasanov/
The autumn regular meeting of the Association of Professional Risk Managers of Azerbaijan (ARPA) will be devoted to the problems of the insurance market in the country, ARPA told Trend on Wednesday.
The meeting of the expert group, consisting of representatives of insurance companies, the Ministry of Finance and Insurance Association, will take place in mid-September of this year.
Specific topics for the discussion at the event will be chosen by participants a week before the event, the association noted.
"A survey among employees of insurance agencies is conducted prior to the meeting, and the most pressing issue is defined," the association said. "Usually insurance companies do not disclose any information at the meetings because of competition in this market."
Neutral topics that do not require providing any information are selected for discussion at the meeting in order to avoid such situations, the association said.
At the last meeting held in May this year, such topics as underwriting and actuarial calculations, which have considerable importance in the insurance market of Azerbaijan were discussed.
Participants noted that there are gaps in the insurance market of the country, and agreed to hold such meetings on a quarterly basis.
The purpose of ARPA is to assist to reduce risks in the financial sector. The Association cooperates with the Central Bank of the country, the Global Association of Risk Management Professionals (GARP) and the IFC.