BAKU, Azerbaijan, October 1. The Central Bank of Azerbaijan (CBA) is reviewing the profitability of compulsory real estate insurance, Executive Director of the CBA Shahin Mahmudzade said at a presentation of the financial stability report for the first half of 2024 in Baku today, Trend reports.
"The CBA has begun working on the profitability of mandatory property insurance, where a low loss ratio to premiums is observed. We can anticipate further growth in losses in this sector," he emphasized.
Mahmudzade also mentioned that the segment of mandatory liability insurance for vehicle owners is in hot water, grappling with losses that are through the roof.
"By the end of this year, this figure can reach 80 percent, which corresponds to global standards," he added.
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