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Azerbaijan hosts International Insurance Forum

19 June 2014 08:46 (UTC +04:00)

APA-Economics reports that the participants will exchange their views on “key priorities in Azerbaijan’s insurance market”, “Natural disasters: insurance coverage, material resources, effectiveness – right balance”, “Health insurance – what is the common denominator between the state and private services?”, “Reinsurance in Caucasus region and for region”, and “discussion on car insurance and claims regulation”.

The forum is being attended by relevant leading experts from Russia, Romania, Bulgaria, Georgia, Austria, Turkey, as well as representatives of World Bank, European reinsurers Munich Re and Gen Re, EVEREST Re, Hannover Re, Turkish TARSIM system, Azerbaijani insurance, reinsurance and broker companies.

Delivering a keynote speech at the opening of the forum, the Minister of Finance Samir Sharifov noted that Azerbaijan is developing on insurance: “Insurance sector doubled to $ 543 mln during past 2 years, while it rose 6 times during past 6 years”.

Chairman of the Committee for Economic Policy of Milli Majlis of Azerbaijan Ziyad Samadzadeh noted that the insurance legislation in Azerbaijan has been conformed with the requirements of the international standards: “Taking all these factors into consideration, the insurance premiums may be reached $ 1 bln – 1% of GDP in the future”.