BAKU, Azerbaijan, Nov. 4
By Zeyni Jafarov - Trend:
There are no obstacles for the development of various insurance products in Azerbaijan, the Azerbaijan Insurers Association (AIA) told Trend.
“There are some problems in this direction that take time to resolve and fill the existing gaps. In the short term, it is impossible to achieve a solution to all problems. The main condition here is longevity and duration,” the AIA said.
The AIA believes that projects aimed at developing the local insurance market as a whole will be able to achieve positive results after a certain period of time.
“Presently, the Central Bank of Azerbaijan (CBA), which is the main controlling body of the local insurance market, as well as the Azerbaijan Insurers Association and the Compulsory Insurance Bureau, which carry out the sub-regulatory function of the sector, have a large number of new joint projects to develop the market,” said the AIA.
“The main current priority is to change insurance rates and adapt them to modern market conditions. In parallel with this, the implementation of insurance education in a broader framework and in a more fundamental way is one of the main nuances included in our strategy of activities,” the AIA added.