16:17 - 2.10.2024

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October 2, Fineko/abc.az. Azerbaijan has potential to cover the compulsory insurance market by 100% in all types.

ABC.AZ reports, quoting CBA general director Ziya Aliyev as saying this at the 3rd International Insurance Summit within the 13th Insurance Week in Istanbul.

He noted that the compulsory insurance market in Azerbaijan is developing steadily.

"Currently, penetration rate for compulsory motor insurance (CTP) has already reached 100%. There are 5 types of compulsory insurance in the country, and the Central Bank continues reforms in this area. These reforms will ensure full coverage of all types of compulsory insurance," Aliyev said.

The CBA general director noted the increasing importance of the insurance sector in the financial system of Azerbaijan: "Over the past 3 years, the share of insurance companies' assets in the total assets of the financial system has increased from 3.2% to 3.8%."