On July 4-5, Baku hosted AIIF - 2012 Azerbaijan International Insurance Forum ‘New Perspectives in the Caucasus Region’.

APA reports that participants of today’s session delivered speeches on "Life and the types of civil liability insurance", "Life insurance in the developing market", "Life insurance in the Caucasus countries: current development and market trends", "International experience and perspectives in long-term development of life insurance types", "European experience in the retail sale", "Current situation and development perspectives of civil liability insurance" , "Division of insurance", "Insurance mediation: the current state, development prospects and problems", "Expansion of sales channels through the Internet and IT technology" and "Increase the effectiveness of sales channels".

Board chairman of Ateshgah Sigorta company Akbar Madatli spoke about development trends of life insurance in Azerbaijan, as well as the main problems delaying this development. Madatli thinks that one of the main problems delaying progress of life insurance market in Azerbaijan is low level of population’s incomes and lack of available investment instruments in the country. To him, other reasons – lack of high-skilled personnel, wrong pursuance of marketing policy and low level of YTM on securities. In order to accelerate the development of life insurance market in country, it is important to apply new investment instruments for collections on long-term life insurance policies, attract foreign companies that can contribute to the market by developing marketing and innovations of life insurance products, as well as to improve compulsory insurance types, conduct developments in appropriate documents connected with pensions for progress of pension insurance type.

Head of Generale Kazakhstan insurance company Dmitry Nadirov and representatives of other insurance companies delivered speeches on expansion of sales channels through the Internet and IT technology and increase the effectiveness of sales channels. 

Note that, forum has been dedicated to the insurance and reinsurance markets, focused on the main development trends and perspectives within the Region. The event represented an efficient platform for interactive discussions between representatives and aims to strengthen the collaborations among national markets in the insurance field. Also, it’s was unique opportunity to exchange experience and set up business meetings in order to develop partnership relations and to find more about the potential and wide investment possibilities in the sphere of insurance within the region. Moreover, top managers of national insurance, reinsurance and brokerage companies from Caucasian Region, Middle Asia, Europe, Turkey, Russia and CIS attended the event, thus made it an excellent networking opportunity within these selected areas.

Note that, Organizers of the forum - Azerbaijan Insurers Association (ASA), State Insurance Supervision Service under the FinMinistry and Romanian Media XPRIMM company. The official media partner of the event is APA Information Agency.

International Insurance Forum is held every year in Baku since 2009. II International Insurance Forum was held last year on July 7-8.

Remind that, ASA was established in December of 2006. Currently, 28 insurance companies are member of the organization. 

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