Catastrophic risks can increase burden on State Budget

12:44 - 22.05.2024

May 22, Fineko/ There is a risk that catastrophic risks will increase the burden on the State Budget in Azerbaijan.

ABC.AZ reports that Vusal Gurbanov, the director of the Insurance Supervision Department of the Central Bank of Azerbaijan (CBA), said about this at a conference on a sustainable financial system against catastrophic risks in Baku. 

He added that this issue is currently a priority for the Central Bank: "Catastrophic risks lead to complete destruction of infrastructure, slowdown in production, cessation of business activity, severe consequences in the financial sector as a whole, recession in the country's economy," Gurbanov said.