Press release

February 27, 2015 was held a round table on “Insurance is not a luxury, but a necessity in market  Aim of this round table was to provide a discussion platform to discuss actual problems and perspectives of development of Kyrgyz Republic’s insurance market, and the relationship of Bachelor, Master and PhD students with the Institute of Financial Markets. Within the framework of the objectives of the round table the following issues was discussed:

• The current state of the insurance market and its prospects;

• Necessity of insurance in current market conditions;

• Foreign experience of organization of insurance;

• On the importance of and necessity of private pension savings in modern conditions.

Burul Kalmatova –  Head of insurance development and pension funds;  Elmira  Seydahmetova – Member of Directors’ Board of SAOZT “Kyrgyzinstrakh”; Shamil Atakhanov  – founder of NPF; Marina Dzhumabaeva – vice rector on educational work of BAFE; Tolonbek  Abdyrov  – Ph.D., professor, head of the “Management and Tourism” program at BAFE; Meerim Abykeeva  –  head of “Economics” program at BAFE; Ulanbek Mambetakunov  – Doctor of pedagogical sciences,  Head of the “fundamental disciplines”; Farida Asanbekova – Ph.D., associate professor of the department “Finance and Credit” KRSU;  Venera Osmonbatova –  Ph.D., associate professor of “Economics” program; Ainura Hasanova – Senior Lecturer of the  “Economics” program of BAFE; Students of “Finance and Credit” program, Bachelor and  Master students of “Economics” program, students of PhD participated in this round table.  Vice – rector on educational work and science, Marina Dzhumabaeva made a welcoming  speech.  She expressed her gratitude to attending lecturers and students of round this round table  “Development of insurance of Kyrgyz Republic”. After she welcomed the founder of BAFE, Mr.  Shamil Atakhanov, and in his speech, he also thanked the participants and spoke about the  necessity of insurance as well as savings in private pension funds. After, Burul Kalmatova informed about the current state, analysis and main problems of un – development of insurance market of Kyrgyz Republic, and she also noted that mostly, Voluntary  types of insurance are developing, in comparison with compulsory insurance in Kyrgyzstan. With the presentation on “Foreign experience and the role of insurance in developed economies”  made a speech a member of the Directors’ Board of SAOZT “Kyrgyzinstrakh” Elmira  Seydahmetova. She showed figures of the catastrophe in the world and insurance payments by  insurance companies in these countries, as well as informed about the importance of insurance  Participants of round table paid special attention to the roles and meaning of insurance  and additional savings in NPFs in modern conditions of economic development.

1. to make a joint effort to establish close cooperation between the university and insurance

- companies and state financial supervision of Kyrgyz Republic  on making internships and

2. Consider the possibility of short-term training courses for preparation of insurance agent

3. Recommend to involve employees of insurance companies as teachers in the disciplines

4. Recommend attract teachers of BAFE as experts in designing of development programs

5. To assist in organizing and conducting internships and employment of graduates BAFE.

The Organizing Committee