Finance

Home page

Finance

Azerbaijan hosts International Insurance Forum - PHOTOSESSION

Azerbaijan hosts International Insurance Forum - <font color=red>PHOTOSESSION </font>

07 July 2011 10:44 (UTC +04:00)

The two-day forum is organized by Azerbaijan Insurers Association (ASA) and FinMinistry.

Delivering keynote speech at the event finance minister Samir Sharifov gave information about history of insurance market in Azerbaijan, recent macroeconomic situation, main indicators, as well as catch participantsâ€™ interest to main indicators on insurance market. Touching upon negative impact of the world finance crisis on insurance market, the minister said that capitalization of insurance companies increased in Azerbaijan. He noted that at present, total authorized capital of the insurance companies functioning in the country is equal to AZN 150 mln, whereas this indicator was AZN 18.4 mln in 2003.

Sharifov said that since 2006 serious works had been done in direction of development of compulsory insurance types in the country. The results of these works have been reflected in general development of insurance market. Several novelties are considered to apply in insurance market in the near future. Besides, here we speak about use of e-signature in insurance market, corresponding of several legislative and normative acts with the international standards.

Chairman of Board of Directors of AzRe TÉ™krarsÄ±ÄŸorta company Chingiz Mehdiyev spoke about the current state of Azedrbaijani insurance emarket. Moreover, he made public forecasts of the insurance market for the current year. To him, in June-December it is expected to add AZN 110 mln on AZN 108 mln insurance premiums collected in January-May.

Moreover, representative of Romaniaâ€™s Media XPRIMM company Oleg Dybochan made a speech at the event. Speaking about the situation in the mentioned regions during 2009-2010, the guest said that growth rate dropped in insurance markets in several countries. According to calculations of the company, 4.1% of CIS insurance market belongs to Azerbaijan (except Russia). Russia possesses 88% of shares in insurance market of the CIS space. Ukraine and Kazakhstan shares the third place in this list. Share of other countries is equal to 1.1%. According to list presented by Dybochan, the amount of the insurance fee per capita makes â‚¬17.1 in Azerbaijan. In general, the lowest indicator in the CIS is â‚¬1.6 (Kyrgyzstan), the highest - â‚¬183 (Russia). For comparison I must say that this indicator is equal to â‚¬1,000-1,100 in Europe.

Note that, main sponsors of the ongoing forum are AzRe TÉ™krarsÄ±ÄŸorta company and International Insurance Company. Garant Sigorta, Ateshgah Sigorta, AXA MBASK, Standard Insurance, Azal Sigorta, A Group, Azersigorta, Bashak Inam Sigorta, Azerbaijan Industry Insurance and Pasha Life take part as sponsors too.

Remind that, ASA was founded in December of 2006. At present, it is member of 28 insurance organizations.