Aliyev said that the insurance sector has been developing in Azerbaijan for 15 years and today it is about one percent of GDP.
“This sector has great potential for further development,” the director general said. “Moreover, we have several joint projects with Turkey that we plan to develop. Turkey’s insurance sector has a 150-year history and this is a great experience for Azerbaijan to use.”
Aliyev stressed that the Azerbaijani Compulsory Insurance Bureau and the Turkish Motor Insurers’ Bureau are included in the international structures.
“For the first time, a memorandum on the integration of Green Card civil liability insurance of car owners will be signed between our structures,” he said. “The CBA has developed a corresponding program for the development of this sector, in particular, in such spheres as compulsory insurance, informing of the population and business, digitalization, infrastructure and support tools.”
“The insurance sector is also included in the CBA’s new development program, as well as in financing,” Aliyev noted.
Aliyev said that it is planned to integrate the Turkish insurance model in Azerbaijan together with Turkey.
“For these purposes, it is planned to expand the development of market infrastructure and the compulsory insurance sector,” the director general added.
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