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Azerbaijan working on increasing insurance literacy of population

Finance Materials 3 July 2021 09:33 (UTC +04:00)
Azerbaijan working on increasing insurance literacy of population

BAKU, Azerbaijan, July 3

By Zeyni Jafarov – Trend:

Mass events and projects related to the communication strategy for insurance education will be launched in Azerbaijan, Executive Director of the Azerbaijan Insurers Association (AIA) Elmar Mirsalayev said, a source in the AIA told Trend.

According to the AIA, under the auspices of the AIA, an event is being held to determine a communication strategy between insurers of the domestic market on education and promotion of insurance in Azerbaijan.

“The event was organized with the aim of defining a communication strategy for organizing projects within the framework of the ‘Memorandum on the systematic and consistent implementation of measures to improve insurance literacy, education, and propaganda’, signed by the Central Bank of Azerbaijan, the AIA and the Compulsory Insurance Bureau,” the source said.

“As part of the project to determine the insurance awareness of the population, systematic surveys were carried out and gaps were identified. Certain work on the relevant memorandum has already begun, and after discussions, intensive mass events and projects related to insurance will be launched,” added the AIA.

At the beginning of April 2021, the AIA supervisory board approved a three-year strategy for the development and stimulation of the local insurance market, which 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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