The Asian Development Bank (ADB) will support the development of the insurance market in Azerbaijan, according to the Azerbaijan Insurers Association (AIA).

A meeting was held between the leadership of the AIA and Country Director of ADB Office in Azerbaijan, Candice McDeigan.

At the meeting, the AIA Executive Director Elmar Mirsalayev informed the management of the ADB office about the AIA activities, spoke about the situation in the local insurance market and development prospects.

Stressing that the sector is at a new stage of development, Mirsalayev noted that there are a number of issues that need to be addressed within the current market conditions.

McDeigan, in turn, expressed interest in the activities of the AIA and processes in the insurance market of Azerbaijan.

McDeigan stressed that the exchange of information related to the insurance sector will be ensured between the two entities, and, as a result, the possibility of ADB’s technical support in identifying real problems in the insurance market and identifying ways to solve them to ensure the further development of the sector will be explored.