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Saturday, February 29, 2020

Insurance representatives gather in Baku for international insurance forum

The fifth Azerbaijan International Insurance Forum, organized by the Azerbaijan Insurers Association and supported by the country's Ministry of Finance, was held in Baku earlier this month.

More than 250 representatives of domestic and international companies attended the discussions on opportunities for cooperation in the global, regional and local insurance markets.

"Since the insurance sector increased by six times in the past eight years, this sector reached $543 million, increasing by more than two times during the most recent years," Azerbaijani Minister of Finance Samir Sharifov said.

Sharifov also said that the share of average insurance payments in GDP has increased from 0.41 percent to 0.71 percent, the total capital of insurance companies has reached $463 million--increasing by nearly nine times--and the net income of the insurance market has meanwhile reached $84 million.

Among the participants were insurance and reinsurance experts from the UK, Germany, Belgium, France, Austria, Romania, Turkey and Russia.

Topics covered ranged from perspectives of the regional insurance market and new business directions to reinsurance solutions for insurance markets in the region, medical insurance, life insurance, car insurance and risk management.