Azerbaijan approves three-year strategy for insurance sector's dev't

Finance Materials 8 April 2021 16:15 (UTC +04:00)

BAKU, Azerbaijan, Apr.8

By Zeyni Jafarov - Trend:

The Supervisory Board of the Azerbaijan Insurers Association (AIA) has approved a three-year strategy for the development and stimulation of the local insurance market, Trend reports citing the AIA.

The document covers 2021-2023 and includes eight strategic goals, the association noted.

“The concept contains areas such as improving infrastructure in the insurance sector, supporting the application of national professional standards, building an insurance culture by increasing literacy in this area, expanding international cooperation projects and increasing corporate social responsibility together with local participants in the insurance market,” the AIA said.

Earlier, Executive Director of the Azerbaijan Insurers Association, Elmar Mirsalayev, said that one of the important issues facing the insurance sector is the need to revise tariffs and payments for many insurance products.

The Azerbaijan Insurers Association passed registration on December 29, 2006.

Currently, 20 insurance companies and one reinsurance company operate in Azerbaijan.


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