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Baku hosts international conference â€œMortgage and Insurance: International Experience and Azerbaijanâ€™s Practiceâ€

16 February 2009 16:13 (UTC +04:00)

Baku. Nijat Mustafayev - APA-Economics. The International Finance Corporation (IFC) partnered with the Azerbaijan Insurers Association has today organized an international conference in Baku on the topic of â€œMortgage and Insurance: International Experience and Azerbaijanâ€™s Practiceâ€.
The purpose of the conference is to provide information on mortgage and insurance market of Azerbaijan, to raise awareness on the situation on international mortgage lending risk insurance and to exchange experiences and expand cooperation among insurers.
The IFC officer in Azerbaijan Aliya Azimova said the insurance segment plays an important role in the financial sector.
â€œGiven the role of insurance in the development of the mortgage market, this conference will allow Azerbaijan-based insurance companies to become more closely acquainted with international experience, and to better cooperate with lenders and borrowers,â€ he added.
Naila Safarova, the Representative of the Swiss Confederationâ€™s State Secretariat for Economic Affairs (SECO), said that SECO funds a project for the development of the primary mortgage market in Azerbaijan and Central Asia with the main focus on the financial sector.
Jamil Melikov, President of Azerbaijan Insurers Association, said that mortgage lending poses great risks for creditors and debtors.
In this regard, the Association asked the country’s insurers for the development of this sphere.
â€œWe have been able to gather together market participants and international experts to discuss the issue of mortgage insurance. I hope that we can make an advance in this area through international experience,â€ he added.
Namig Khalilov, Insurance Supervision Director of the Ministry of Finance, said that despite the fact that the mortgage market in Azerbaijan is newly emerging, there is some experience for further development.
â€œThere is a great need for mortgage insurance. We are exploring the experience of some countries in this field,â€ he added.
Elshad Mammadov, Deputy Chief of Insurance Supervision Department of the Ministry of Finance, briefed the participants about the last yearâ€™s statistics and performance in the insurance market.