The American Chamber of Commerce in Azerbaijan (AmCham Azerbaijan) and the Azerbaijan Insurers Association have identified five priority areas for a strategic partnership aimed at boosting insurance literacy and improving the business environment in the country.
Talks between the two organisations focused on identifying the real problems businesses face in the insurance market, drawing the private sector more closely into regulatory processes, and promoting effective insurance solutions. The insurance cooperation agreement marks a new push to align industry practice with regulatory reform.
The first agreed area is strengthening dialogue with regulators. Under this strand, the two sides will draft joint proposals to improve the insurance sector’s legislative framework, and AmCham Azerbaijan will contribute to the compilation of its “White Paper”. The second area covers education: training seminars on risk management and the features of insurance products will be held for AmCham member companies.
The third area concerns agricultural insurance, including tools to reduce risk in the farming sector, wider access to insurance mechanisms, and the integration of these instruments into investment processes. The fourth area targets healthcare, with plans to expand the medical insurance market and strengthen ties between medical institutions, insurance companies and business organisations.
The fifth area involves surveying AmCham members to pinpoint their needs, including requirements for risk coverage and the difficulties that arise when settling insurance claims.
Backing for public-private cooperation
Participants in the meeting highlighted the role of AmCham Azerbaijan’s business platform and sector committees in strengthening public-private partnership. The two sides concluded the talks by agreeing to continue consultations through joint educational and expert projects.
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