New risk insurance mechanisms to be created in Azerbaijan
By Trend
Quite low level of risk assessment is observed in the Azerbaijani insurance market, and this is related to the lack of a single register of insured persons, said Ibrahim Alishov, acting chairman of the board of the Financial Market Supervisory Authority of Azerbaijan (FIMSA), Trend reports.
He made the remarks at the 9th insurance forum titled “Azerbaijan’s Insurance Market: Trends and Opportunities” organized by FIMSA and the Azerbaijan Insurers Association together with the Compulsory Insurance Bureau of Azerbaijan.
He said that the tariffs for the main types of insurance need to be revised, since they don’t meet the modern requirements.
It was noted that the process of preparing proposals is underway, and the work is being done in this direction together with the Azerbaijan Insurers Association.
Alishov added that the work is also underway to create a registry that will provide market transparency and improve the risk management of insurance companies.
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