Assets Of Azerbaijan's Insurance Sector Grow By 34 Percent Over Past 3 Years - Chairman
Date
6/20/2024 3:09:50 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, June 20. Assets of
Azerbaijan's insurance sector have grown by 34 percent over the
past three years, Chairman of the Central bank of Azerbaijan (CBA)
Taleh Kazimov said during the opening ceremony of the Azerbaijan
International Insurance Forum-2024 (AIIF-2024), Trend
reports.
"Azerbaijan is currently entering a new stage of development,
and many reforms are being carried out to strengthen both the state
and the people. This is especially true for the insurance sector.
In recent years, significant institutional changes have been taking
place here, and the infrastructure is changing. First of all, I
would like to note the positive dynamics over the past three years.
Assets have increased by 34 percent, and capital by more than 7
percent. Over this period, since 2019, premium insurance payments
have increased by 26 percent," he said.
According to him, the overall insurance market has grown by more
than 1.5 percent.
"It is important to note that measures have been taken to build
reserves and strengthen institutions, following international
legislation and the principles of insurance market provision, as
well as to ensure reinsurance and underwriting. New methods have
been introduced to increase public awareness of insurance services
and improve the compulsory insurance mechanism. Access to various
options of life insurance mechanisms has also been ensured," he
added.
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