Azerbaijan to receive technical assistance for improvement of agricultural and catastrophic risks insurance

Business Materials 27 November 2013 21:18 (UTC +04:00)

Baku, Azerbaijan, Nov. 27

By Abbas Akhundov - Trend:

Azerbaijan Insurers Association (AIA) is holding talks with international financial institutions for technical assistance in the domestic use of modern models of agricultural and catastrophic risks insurance, AIA Chairman, Orkhan Bayramov told Trend on Nov. 27.

He said that in particular the International Finance Corporation and the Swiss State Secretariat for Economic Affairs (SECO) will help Azerbaijan's insurance community to choose and implement a model of agricultural insurance. The sides will define a new mechanism, works to be performed, as well as the size of the technical assistance in early 2014.

Bayramov also said that SECO jointly with the World Bank is participating in development of catastrophic risk insurance model in the country.

There are 28 insurance companies and one reinsurance company in Azerbaijan.