Baku. TurkicWorld:
The Central Bank is currently developing a separate strategy for the financial sector as a whole and for each subsector—banking, insurance, capital markets, and payment systems—as the Chairman of the Central Bank of Azerbaijan (CBA), Taleh Kazimov said, TurkicWorld reports.
"It is quite possible that next month we will inform the public in detail," he said.
Kazimov stressed that the share of insurance premiums in GDP is only 1.1 percent.
"This is a low indicator, but I think that the potential is high. Our main interest lies, first of all, in ensuring more effective, transparent, consumer-oriented regulation of services provided by insurance companies for types of compulsory insurance, in general for these types of insurance,” said the CBA’s chairman.
“At the second stage, we provide support for the development of voluntary types of insurance. Insurance premiums show an increase of 25–30 percent annually, and insurance payments also have almost the same indicators,” he said.
According to the chairman of the CBA, it is necessary to revise the standards of corporate governance for insurance companies.
"Now we are working in this direction. Together with foreign consultants, we are working on the formation of initiatives to improve the infrastructure of the capital market through digitalization. We want the role of the financial sector in the development of the economy to increase. The role of banks in financing economic development should increase," he said.
