Baku hosts third Azerbaijani International Insurance Forum (AIIF)

In Jumeirah Bilgah Beach Hotel started the third Azerbaijan International Insurance Forum (AIIF). The two-day event is supported by the State Insurance Supervision Service, Ministry of Finance of AR.

According to chairman of Azerbaijan Insurers Association (AIA) Azer Aliyev, important is the experience of the leading insurance companies, and, above all, European colleagues.

AIIF is the most important event in the Caucasus region, dedicated to the insurance and reinsurance market, sanctifying the most important trends and prospects in the region.

The Forum is a platform for interactive communication between the participants and is aimed at strengthening cooperation among countries in the insurance industry. It lays the foundation for the further development of this important industry in the republics of the Caucasus region.

Moreover, AIIF-2012 provides an excellent opportunity to exchange experiences and conduct business meetings with a view to developing partnerships, revealing the potential investment opportunities in the field of insurance and reinsurance in the region - said the boss of the organization.

The event will be attended by senior executives of national insurance, reinsurance and brokerage companies in the region of the Caucasus, Turkey, Central Asia, Europe, Russia and the CIS, which will serve as an excellent prerequisite for networking within those particular regions.

"The organizers of the forum are the Association of Insurance Companies of Azerbaijan with the support of the State Insurance Supervision Service under the Ministry of Finance of AR, as well as the Romanian PR company Media XPRIMM," said Aliyev.

According to the announcement, the event consists of three parts. The first one is devoted to the status, trends and prospects of the regional insurance market. Participants interested in international standards and comprehensive approach to regulation and supervision of insurance assets, investment opportunities in the insurance sector of the Caucasus. In addition, the actual development of the local insurance infrastructures in order to improve the quality of services, supervision, appropriate standards of solvency and risk-taking within reasonable limits, capacity and capability of the insurance market for oil and gas sector, mandatory insurance and other aspects.

In the second "series" of the event the participants will discuss regional trends and prospects (including the Central Asian CIS countries), the reinsurance market, including especially the reinsurance of risks associated with property, natural disasters and catastrophes. The final part will discuss the promising types of life insurance and civil liability. Countries such as Azerbaijan, important international experience in this area, because this segment of the local insurance market is only a tenth part, and in Europe - up to half or more of total premiums. During the conference also will focus on insurance mediation, the expansion in sales through the Internet and IT-technologies.

Recall that I Azerbaijani International Insurance Forum was held in Baku on 10-11 July 2008, and the second - on 7-8 July 2011. - 17D -