Annual Growth in Azerbaijani Insurance Market Reaches 35% - Head of Azerbaijani Association of Insurers (video)

Annual Growth in Azerbaijani Insurance Market Reaches 35% - Head of Azerbaijani Association of Insurers (video)

Azerbaijan, Baku / corr Trend U.Ismayilova / Interview with Kamal Ibrahimov, the chairman of the supervisory board of the Azerbaijani Association of Insurers, also the Director General of Standard Insurance:

Question: What do you expect from the activities of the newly established Azerbaijani Association of Insurers?

Answer: The major objective of the Association is to develop insurance in the country. The Association has too many tasks on further intensification of the insurance market in Azerbaijan. The annual growth of this market is 30-35% in average, whilst the considerable part of the country's were not drawn to the insurance process. This is a real base, which should be developed. The Azerbaijani Association wills to enter into daily life of every Azerbaijani citizen.

Question: What steps is the Association going to take first?

Answer: The first assembly of the Association has been held and it appointed the executive director, determined an inspection commission, and elected the supervisory board. The supervisory board met once to discuss an action plan for the nearest 2-3 years and defines which steps should be taken to move ahead.

Work of the Association will target implementing several tasks, including the enlightenment activities, periodical conducts of lessons and training by people involve din the insurance market through attracting local and foreign experts. We also plan to discuss with rectors of universities the organization of special training courses and re-improvement of students, as well as periodical meetings with the representatives of the road police and fire service, to be exact, the state services which have direct relation to obligatory types of insurance. The permanent contacts with these organizations will enable the Association to increase the realization of insurance products and insurance in general.

Another task of the organization is to establish a specialized education center for participants in the insurance market. We establish this center with support from the Azerbaijani Finance Ministry, which is also interested in existence of highly qualified specialists at the insurance market.

The Association's plan includes active work on development of proposals on improvement of the insurance legislation. Association which includes all insurance companies will participate in creation of law and rules regarding the insurance activities.

It is planned to establish juridical committees or departments within the Association an each of them will be involved in concrete type of insurance, consideration of appeals made by insurers and the inured.

Moreover, the Association plans to hold an international regional conference next year, though the issue was not coordinated with all member of the supervisory board.

The international conference is aimed at providing direct attraction of foreign insurance, reinsurance and brokers companies to enable them to get closely familiar with Azerbaijani insurance market.

Question: What does the Association expect from the new law on insurance, which the Parliament is expected to adopt at its autumn session?

Answer: The Association was established by insurance companies and one of its targets is to protect interests of all companies. We are very much to see the new law properly protecting the participants in the market for efficient work in the sphere of insurance.

The existing law on insurance, which was adopted at the beginning of 1990s, is outdated and dope snot meet the contemporary standards of economy.

As to the new law, will be weighty enough, It should meet interests of both insurers and insured.

Question: How do you plan to assist the insurance companies to develop?

Answer: The Association will act as an original bridge between the local and foreign insurers, re-insurance and broker companies. We do not plan to take concrete measures to attract investments for nay company. However, we will strive to offer necessary facilities for local companies to have contact with the foreign investors. Similar conditions will be created during the international training and workshops. Moreover, we will support any company that will appeal us for assistance.

The Association is a non-profit organization. Its key objective is to render overall assistance to the development of insurance business in the country. We are directly interested in attracting all insurance companies of Azerbaijan to the Association.

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