There are Huge Demands for Actuarial Work in Azerbaijan -Head of Supervisory Board (video)
Azerbaijan, Baku / Trend corr. U.Ismaylova / Active development in the insurance market in Azerbaijan promoted the establishment of insurer and actuary associations in 2007. Now some twenty-nine insurance companies are operating in Azerbaijan, drawing local and international actuaries. The establishment of an actuary association will promote more efficient regulation of prices of insurance services in Azerbaijan.
Interview of Trend with Bilal Bilalov, the representative of the Supervisory Board 'Association of Actuaries of Azerbaijan':
- How do you assess the current level of actuarial work in Azerbaijan?
- Now there is a huge demand for actuary work in Azerbaijan. Considering that this is a new field and there are few professional people in the field in Azerbaijan, we as an association and people of Azerbaijan, who have certain experience, decided to back the level of development of this field.
Presently, we have only five members in our Association, who are also the co-founders of the Association at the same time. In compliance with our Charter, anyone is able to join the Association for joint work in developing the direction of the insurance market in Azerbaijan.
- What is the current state of actuarial work in Azerbaijan?
- It is no secret that there are such insurance companies in the country, which function on the base of market prices, as well as there are such companies, which have their own actuary calculating tariffs.
We should note that tariffs of two actuaries can differ from each other. The specialists should be able to explain the basis for their calculating process.
- What are your Association's plans for the near future?
- We are planning to publish books on actuary work in the Azerbaijani language, and hold international conferences, trainings and workshops. We are still in the initial stage of development and have not yet defined finance issues. Probably, we will draw organizations to receive grants. Presently, no special institution for actuaries in Azerbaijan exists, in spite of it the Association is planning to develop this proposal, offering to discuss the importance of the issue.
Existence of professional actuaries in Azerbaijan will promote cheaper actuary reporting for insurance companies.
- What impact will your organization have upon insurance companies?
- I believe that firstly, our association needs to build up its reputation, but this takes time. But later, when we can closely familiarize with all of the insurance market's participants, then we will be able to cooperate with all the market's companies. It is possible that then our Association will have an obligatory character.