CBA to accelerate insurance market development

By Trend

The follow-up to the strategy of the Central Bank of Azerbaijan (CBA) for the insurance market development will boost the sector and its services in Azerbaijan, Executive Director at the CBA Ziya Aliyev told Trend.

According to him, the development strategy of the CBA provides for the establishment of a single base to inform people about compulsory insurance.

"It is also scheduled to gain more knowledge in the field of insurance, expand the range of digital services and, generally, reinforce the digitalization of the insurance market. Moreover, the strategy is aimed at improving human capacity in the area of insurance, developing the infrastructure and licensing mechanisms. In addition, it is planned to strengthen regulatory and monitoring tools of Azerbaijan's insurance market in line with international practice," Aliyev said.

The executive director stressed that implementing these measures will accelerate the development of the insurance market in Azerbaijan.