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Azerbaijan Insurers Association expanding cooperation with Central Bank

Finance Materials 9 September 2020 19:06
Azerbaijan Insurers Association expanding cooperation with Central Bank

BAKU, Azerbaijan, Sept. 9

By Zeyni Jafarov – Trend:

Many projects and events are planned to be implemented under the control of the Central Bank of Azerbaijan (CBA) together with insurance companies and the Compulsory Insurance Bureau in the coming years, the Azerbaijan Insurers Association told Trend.

Before the pandemic, the Association, together with insurance companies, held the meetings with citizens and employees engaged in insurance activity in the Azerbaijani districts and Baku city within the citizens' enlightenment program. The population was provided with information about the risks and benefits of the purchased product.

Moreover, the Association, together with insurance companies, following the "rules on the use of funds accumulated in the fund", implemented the "Keep the distance" project, which covered the first three months of 2020. The main goal of this project was to inform citizens that using a mobile phone while driving, they risk their lives.

“The negotiations are currently underway with many state and non-state organizations, with most of which it is planned to sign memorandums of partnership,” the Association said. “As the first step, a memorandum was signed with the National Automobile Club of Azerbaijan.”

Some 20 insurance companies, one reinsurance company, and five legal entities operating in the Azerbaijani insurance market are members of the Azerbaijan Insurers Association.

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