BAKU, Azerbaijan, May 25
By Zeyni Jafarov - Trend:
The 3-year strategy for the Azerbaijani insurance market’s development, along with the insurance literacy' increase and the insurance services' development, also includes stimulation of the insurance companies activities, Managing Director of the Azerbaijan Insurers Association (AIA) Elmar Mirsalayev told Trend on May 25.
According to Mirsalayev, this roadmap was approved by the participants of the local insurance market and adopted by the sector's supervisory authority (the Central Bank of Azerbaijan).
He noted that the supervisory board of AIA approved a three-year strategy for the development and stimulation of the local insurance market in April this year.
"In particular, this strategy pays attention to the formation of relations with public and private organizations, the preparation of draft amendments to the legislation in accordance with modern market conditions and the implementation of mutual exchange of personnel and experience with world insurance markets," the managing director said.
Mirsalayev added that such directions in the three-year strategy are laid down precisely to support the activities of local insurance companies.
The document covers 2021–2023 and includes 8 strategic goals. 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.
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