Azerbaijan plans to extend the quantity of the insurance coverage market and optimize it – 2024-06-27 02:57:07

by times news cr

2024-06-27 02:57:07

It’s deliberate to extend the quantity of the insurance coverage market and optimize it in Azerbaijan.

As Day.Az reported on Thursday as regards to Pattern, this was said by the Chairman of the Central Financial institution of Azerbaijan (CBA) Taleh Kazimov through the opening ceremony of the Azerbaijan Worldwide Insurance coverage Discussion board-2024 (AIIF-2024).

“In accordance with various selections, adjustments have been made. These adjustments concern individuals who obtain dangers through the Web to make sure their assure, in addition to guaranteeing their rights. These measures are aimed toward strengthening their safety and rights. Regardless of dynamic adjustments, the market potential stays very excessive on the preliminary stage of its growth and bringing it into line with trendy necessities of the Central Financial institution, which has recognized this as one among its priorities,” he mentioned.

He recalled {that a} technique for the event of this space has been developed for 2024-2025, which was adopted by the management of the Central Financial institution.

“On account of this technique, guaranteeing stability has been recognized as the primary precedence. It’s deliberate to extend the quantity of insurance coverage companies and their optimization. The precept of “minimal investments, optimum stage of service” will likely be applied. The introduction of six trendy applied sciences will improve the provision of insurance coverage companies and guarantee a excessive stage of buyer satisfaction, which, in flip, will assist optimize our system as a complete. Making an allowance for all these elements, the Central Financial institution has begun a technique of particular regulation. This additionally considerations supporting modern adjustments and bettering administration effectivity, which is a vital precedence within the context of local weather change and the rise within the variety of insurance coverage instances, which ends up in. vital prices for each the inhabitants and the economic system,” he famous.

In line with him, in such circumstances, a strategic map was developed to implement nationwide priorities and guarantee sustainable monetary flows for the interval 2023-2026.

“It’s aimed toward strengthening and managing this sector. Making certain digitalization, strengthening human sources, in addition to growing infrastructure and sharing expertise on this space are our priorities,” he added.

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