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Central Bank of Azerbaijan names priorities for development of insurance sector

Economy Materials 28 January 2022 16:13
Central Bank of Azerbaijan names priorities for development of insurance sector

BAKU, Azerbaijan, Jan. 28

By Sadraddin Aghjayev - Trend:

The Central Bank of Azerbaijan (CBA) considers digitalization in the insurance sector as the main priority for the development of this sector, CBA Director General Ziya Aliyev said at a press conference, Trend reports.

Aliyev said that the insurance premiums increased by 16 percent in 2021.

The CBA director general added that this dynamics of growth has been maintained even during the COVID-19 pandemic.

“We predict that the growth will continue in the future,” Aliyev said. “First of all, we hope for growth in the field of compulsory insurance.”

“We are working to raise public awareness about insurance and insurance services,” the CBA director general said. “Digitalization of insurance services is one of the main spheres of development of our activity.”

“One of our main goals for the near future is to regulate the prices for voluntary types of insurance,” Aliyev said.

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