BAKU, Azerbaijan, June 20. There is significant potential for increasing the penetration of insurance services in Azerbaijan, Chairperson of the Supervisory Board of the Azerbaijan Insurers Association Ulviyya Jabbarova said during the opening ceremony of the Azerbaijan International Insurance Forum-2024 (AIIF-2024), Trend reports.
"There is significant potential for increasing the penetration of insurance services in Azerbaijan. Our main goal is to implement this potential. In this direction, targeted reforms carried out by the Central Bank of Azerbaijan, which is the supervisory and regulatory body of the insurance market, and formulated strategic goals serve as the main roadmap for us," she emphasized.
To note, the total collections of all insurance companies of Azerbaijan from January through April 2024 amounted to 542.8 million manat ($319.29 million), and total payments - 209.55 million manat ($123.2 million).
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