Finance

Finance

Baku hosts international insurance forum - UPDATED - PHOTOSESSION

Baku hosts international insurance forum - <span style="color: red;">UPDATED - <span style="color: red;">PHOTOSESSION

20 June 2013 07:53 (UTC +04:00)

According to APA-Economics, the Minister of Finance said at the opening ceremony of the forum that total capital of Azerbaijan-based insurers rose 16 times during past 10 years. He mentioned that total authorized capital of the insurers increased to AZN 300 mln from AZN 18.4 mln. During this period, the net profit of insurers soared 17.5 times to AZN 50 mln.

The Minister noted that during past 10 years, per head insurance premiums quintupled to AZN 37 from AZN 7. Sharifov underlined that insurance market rose 6 times recently, in past 2 years doubled to € 350 mln. Consequently, share of insurance sector in GDP reached 0.63% from 0.42%.

Note that the forum will last two days and focus on “Prospects of Caucasian insurance market and new business directions”, “reinsurance settlements for Caucasian insurance market”, “Agriculture insurance – state regulations and market realities”, “Health insurance – new solutions of old problems” and “Vehicle insurance” panels.

The forum will be attended by leading experts in insurance and reinsurance spheres of Russia, Ukraine, Romania, Bulgaria, Georgia, Austria and Turkey, as well representatives of World Bank, Swiss Re and Europe Re companies, one of the world’s largest insurance broker companies Willi Re, Munich Health company, Turkish TARSIM system, AUDOTEX, AVUS, OtoAnaliz companies, Azerbaijan’s leading insurance, reinsurance and broker companies.