Azerbaijan's Central Bank eyes introducing innovation in insurance sector
Date
11/30/2021 5:26:11 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, Nov. 30
By Sadraddin Aghjayev - Trend:
Azerbaijan's Central bank plans to introduce innovation in insurance sector, Director of the Insurance Supervision Department of the Central Bank of Azerbaijan Vusal Gurbanov said, Trend reports.
According to Gurbanov, more than 90 percent of cars in Azerbaijan are insured under compulsory civil liability insurance and insurance companies continue to receive many applications for this type of insurance.
'We are studying international experience and planning an innovation in the insurance sector. At present, upon the occurrence of an insured event, compensation for the damage caused is paid only to the victim. But we want the person who has committed an accident to be able to turn to his insurance company for help as well,' Gurbanov said.
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