Azernews.Az

By Aynur Karimova

Azerbaijan’s Finance Ministry held an expanded board meeting on outcomes of the fulfillment of state budget for 2013 on January 14.

During the meeting the participants held an extensive discussion on the action plan for the development of the insurance market in Azerbaijan in 2015-2017, the ministry said.

It was noted that despite the achieved progress in the field of protection of rights of insurers, there are still several problems.

The insurance companies conduct insufficient works in informing the insurers about their rights and responsibilities.

The action plan has set specific tasks to further develop insurance sector in Azerbaijan, to set serious and rigid legal standards to protect the interests of insurers, to implement measures aimed at educating the public in the field of insurance, to increase the level of professionalism of employees of the insurance sector and to apply new types of insurance in accordance with best international practice in the field of life insurance and other fields.

At the end of the meeting, the participants adopted relevant decisions on discussed issues.

The formation process of a real insurance market began in Azerbaijan about 10-15 years ago. Currently, this process has not yet reached a level at which each company could prepare its own strategy for the next 4-5 years. The stability of the insurance market is an essential part of preparing a strategy for the coming years.

Some 28 insurance companies are working in Azerbaijan. AIG Insurance (now Chartis), AXA, Miracle Insurance and Financial Group, Basak, Glencarron Group Limited are the largest international players in Azerbaijan's insurance market.

Also, Slovenian Sava Re reinsurance company, German Munich Re insurance company, Russian ROSGOSTRAKH, ROSNO companies have shown great interest to Azerbaijan's insurance market.

Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova

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