Insurance market needs these reforms

12:01 - 20.06.2024

June 20, Fineko/ Reforms are needed for growth of the insurance market in Azerbaijan.

ABC.AZ reports that the chairman of the Supervisory Board of the Association of Insurers of Azerbaijan (ASA), Ulviya Jabbarova, said about this at the international insurance forum in Baku.

In her speech, Jabbarova noted that the insurance market is growing today, but there are some disadvantages:

"As in the world markets, we have a great need to continue reforms in certain necessary areas. The first place among these requirements is occupied by digitalization and electronic innovations, which are an indispensable tool in providing affordable and high-quality services. The next area is a corporate or sector–wide capacity indicator - data. The reality is that a market participant with rich database is always one step ahead. Then we can mention information security. Our sector works with large amounts of information in digital environment. That is why ensuring cybersecurity is our main goal," Jabbarova emphasized.