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Innovation occurrence is expected in insurance market of Azerbaijan

The Association of Insurers of Azerbaijan (AIA) is planning to introduce a system of mediation (one of the technologies of pre-trial settlement of disputes) in the country, the report of AIA says. The Day.Az reports about it with reference to the Trend.
Innovation occurrence is expected in insurance market of Azerbaijan

According to the report, this issue was discussed during the meeting of the Supervisory Board of the AIA.

“This system will be formed on the basis of studying of disputes pre-trial settlement models in various countries” – as noted in the report.

Formation of AIA committees, approval of structure and staffing of the association for 2018, involvement of other professional players of the insurance market into the membership of the organization, expansion of training, as well as prospects for development of the insurance markets have been discussed during the meeting.

“During the meeting, it was decided to increase the number of trainings organized in various areas of the insurance sector and increase their effectiveness, as well as organize trainings in the most demanded areas”. Agricultural insurance, compulsory property insurance, compulsory third party vehicle liability insurance and doctors liability insurance were among the promising areas of development of the insurance market of Azerbaijan,”- was noted in the report.

AIA was established in December 2006 through the merger of two insurance companies - the Association of Insurers of Azerbaijan (AIA) and the Union of Insurance Companies of Azerbaijan (UICA). The main purpose of the association is to ensure development of the Azerbaijani insurance market, as well as joint discussion of problems and prospects of the insurance market.

Source: https://news.day.az/economy/981909.html

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