BAKU, Azerbaijan, June 20. Assets of Azerbaijan's insurance sector have grown by 34 percent over the past three years, Chairman of the Central Bank of Azerbaijan (CBA) Taleh Kazimov said during the opening ceremony of the Azerbaijan International Insurance Forum-2024 (AIIF-2024), Trend reports.
"Azerbaijan is currently entering a new stage of development, and many reforms are being carried out to strengthen both the state and the people. This is especially true for the insurance sector. In recent years, significant institutional changes have been taking place here, and the infrastructure is changing. First of all, I would like to note the positive dynamics over the past three years. Assets have increased by 34 percent, and capital by more than 7 percent. Over this period, since 2019, premium insurance payments have increased by 26 percent," he said.
According to him, the overall insurance market has grown by more than 1.5 percent.
"It is important to note that measures have been taken to build reserves and strengthen institutions, following international legislation and the principles of insurance market provision, as well as to ensure reinsurance and underwriting. New methods have been introduced to increase public awareness of insurance services and improve the compulsory insurance mechanism. Access to various options of life insurance mechanisms has also been ensured," he added.
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