BAKU, Azerbaijan, June 20. Azerbaijan plans to increase the volume of the insurance market and its optimization, 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.
"Changes have been made following several decisions. These changes concern persons who receive risks over the internet to ensure their guarantee as well as their rights. These measures aim to strengthen their protection and rights. Despite the dynamic changes, the potential of the market remains very high at the initial stage of its development and alignment with modern requirements of the Central Bank, which has identified this as one of its priorities," he said.
He reminded that for 2024–2025, there is a strategy for the development of this sphere, which was adopted by the leadership of the Central Bank.
"As a result of this strategy, ensuring stability has been identified as a top priority. It is planned to increase the volume of insurance services and their optimization. The principle of "minimum investment, optimal level of service" will be realized. The introduction of six modern technologies will increase the availability of insurance services and ensure a high level of customer satisfaction, which, in turn, will help optimize our system as a whole. Taking all these aspects into account, the Central Bank has initiated a process of special regulation. This also concerns supporting innovative changes and improving management efficiency, which is an important priority in the context of climate change and the increasing number of insurance claims, which leads to significant costs for both the population and the economy," he noted.
According to him, in such an environment, a strategic map has been developed to realize national priorities and ensure sustainable financial flows for the period 2023–2026.
"It is aimed at strengthening and managing the sector. Ensuring digitalization, strengthening human resource capacity, and developing infrastructure and sharing experience in this area are our priorities," he added.
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