Azerbaijan Outlines Micro Insurance

The creation and development of local micro insurance is supported by the Asian Development Bank (ADB). According to the Association of Insurers of Azerbaijan (AIA), support will be provided through technical assistance.

According to the head of AIA Orkhan Bayramov, yesterday he held a meeting with representatives of the bank. They discussed the situation in the insurance market, problems and prospects of development of this sphere, as well as the actions and intentions of the Association. "The parties agreed that in July within the traditional International Insurance Forum a seminar and discussion on micro insurance will be arranged.

There was also discussed the creation of new insurance products, including products for the banking sector, finding new channels to increase sales of insurance products, engaging micro finance entities in the insurance market of Azerbaijan.

Azerbaijan has been a member of ADB since 1999. Until the end of last year, the largest Asian financial body provided official Baku with loans and technical assistance totaling $ 1 billion 975.6 million. --17D-

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