Actuaries from Eurasia Gather in Baku

In Baku, started the meeting of the Committee on Eurasia and the Middle East of the International Association of Actuaries. The main organizers of the international event are a tandem of Azerbaijan Insurers Association (AIA) and Azerbaijani Actuaries Association (AAA). The initiator is the International Actuarial Association, with the support of the Ministry of Finance of Azerbaijan.

The exact mathematical calculation of risks and benefits of insurance is becoming increasingly important against the background of ongoing processes in the world, said a member of the Supervisory Board of the AAA Khadija Gasimova, according to which, the global financial and economic crisis has demonstrated the consequences of inefficient risk management. She also noted that the AAA intends to become a full member of the International Actuarial Association.

Then the chairman of the State Social Protection Fund (SSPF) of Azerbaijan Elman Mehdiyev spoke, noting that the actuarial calculations also play a big role in the effective operation of the pension insurance system. "We have long and successfully applied actuarial calculations, including the appointment of pensions," he said. According to him, in 2003-2015 the contributions on the compulsory social insurance to the SSPF increased by more than 9 times.

The meeting, in addition to the organizers and initiators, involves more than 40 international activists from more than 20 countries and more than 50 local professionals in this segment of the financial market.

During the two days they will discuss the financing of health insurance, placement and management of strategic assets in a changing environment, the solvency of the population in the implementation of the principles of the International Association of Actuaries in local legislation, international experience calculation of insurance reserves, and other issues. --17D-