Interview: Namig Khalilov, Ministry of Finance of Azerbaijan


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26.10.11 WEDNESDAY


Azerbaijan is open for business


Namig Khalilov, director of the State Insurance Supervision Service for the Ministry of Finance of Azerbaijan, speaks to Intelligent Insurer about the development of the insurance market in the country.


ince the fall of the USSR in 1989, many ex- Soviet countries have gone through a long


and often painful process in order to develop their societies, with a key factor in that economic growth being the creation of a fully functioning insurance market, says Namig Khalilov, director of the State Insurance Supervision Service for the Ministry of Finance of Azerbaijan. “As we gained independence at the end of 1991, a new era of insurance market develop- ment has started in Azerbaijan,” he says. “To- day, we develop our insurance regulation and supervision in line with the IAIS core principles and EU insurance directives and our insurance market is wide open for international coopera- tion and investments.” Khalilov says that the Baden-Baden meet- ing has proved to be an invaluable resource in


terms of gaining expertise from their European peers and in terms of raising their profile in the global market. “In 2001 my colleague Intigam Huseynov


and I were the first Azerbaijani insurers who had ever visited the annual Baden-Baden meeting,” he says. “Here we discovered a huge source of knowledge and experience for the Azerbaijani insurance market. We also met dozens of pro- fessionals to provide us with advice and assis- tance in understanding the sophisticated nature of insurance and reinsurance issues. “These days you can see dozens of Azerbai-


jani insurers representing more than 10 insur- ance companies and brokers in Baden-Baden. There is now a common understanding in the Azerbaijani insurance market that cooperation with and adoption of the experience of the


Namig Khalilov, Ministry of Finance of Azerbaijan


European insurance markets paves the way for sustainable and rapid development of our insurance market. Another very important op- portunity which Baden-Baden presents is the access to the European reinsurance markets.”


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