BAKU, Azerbaijan, June 25. New reforms are
being prepared in the Azerbaijani insurance market, Executive
Director of the Azerbaijan Insurers Association (AIA), Abas
Miskarli, told Trend on the sidelines of the 11th Azerbaijan
International Insurance Forum.
He said that the forum held in Baku will make a significant
contribution to the development of the country's insurance
market.
According to him, the participation of well-known insurance
specialists from more than 20 countries in the forum creates broad
opportunities for the local market to benefit from international
experience.
"Today, well-known specialists in the field of insurance from
more than 20 countries are participating here. Most of them
represent more developed insurance markets, and naturally, we have
a lot to learn from the experience of those markets. Considering
the history of Azerbaijan's independence and the stage of market
development, this is absolutely normal," he noted.
Miskarli pointed out that the forum allows not only Azerbaijan
to benefit from international experience, but also to share the
country's achievements in the insurance sector with other
countries.
"Representatives of countries with less developed economies and
insurance markets are also participating here. They are also
studying Azerbaijan's experience. For example, the results we have
achieved in the field of digitalization of compulsory car insurance
are of interest to many countries. In some countries, processes in
this direction are not yet fully formed, and they benefit from our
experience," he emphasized.
The executive director added that the continuous innovations
carried out in Azerbaijan's insurance legislation also arouse the
interest of foreign partners.
"The Central Bank is consistently working towards the
development of the insurance sector. The changes made to the
legislation, the problems we face, and the ways to solve them serve
as a useful experience for other countries," Miskarli said.
He also highlighted that a number of important innovations will
be implemented in the insurance sector in the near future.
"As noted in the speeches made within the framework of the
forum, a number of changes are planned to be made to the insurance
legislation. Some of these changes will cover the activities of
insurance intermediaries," he explained.
According to Miskarli, work is also underway to improve
compulsory property insurance for individuals.
"The modernization of compulsory property insurance is
envisaged. The goal is to ensure more reliable protection of
citizens, especially from catastrophic risks. Based on the current
approach, it's expected that these innovations won't lead to a
growth in insurance premiums nor create an additional financial
burden for the population. On the contrary, citizens will receive
broader insurance coverage," he said.
The executive director emphasized that the Central Bank also
plans to introduce new requirements for professional participants
in the insurance market.
"It's envisaged to introduce certification mechanisms for a
number of professions. As a result of this process, employees of
insurance companies, agents, and brokers will have a higher level
of professionalism. This, in turn, will have a positive impact on
both the development of the sector and the improvement of the
quality of services provided to citizens," Miskarli added.
