BAKU, Azerbaijan, April 16. Negotiations are underway with the Turkish Insurance Information and Monitoring Center (SBM) to create a similar system in Azerbaijan to support the digital transformation of its insurance sector, the Governor of the Central Bank of Azerbaijan (CBA) Taleh Kazimov told reporters, Trend reports.
“The SBM is the first insurtech project in Türkiye. This center plays an even more important role in the development of the Turkish insurance market, customer-oriented functioning, and more optimal risk management. We hope that this project will be launched in the near future,” Kazimov noted.
To note, as of 2023, the assets of Azerbaijan's insurance sector reached 1.8 billion manat, or $1.06 billion (an increase of 13.2 percent).