BAKU, Azerbaijan, April 16. The new "Financial Sector Development Strategy 2024-2026" in Azerbaijan is expected to double the country's insurance market in the near future, the Governor of the Central Bank of Azerbaijan (CBA) Taleh Kazimov told reporters, Trend reports.
According to him, the strategy focuses on the market's digital transformation.
"This important effort is aimed not only at the development of the insurance sector but also at the modernization of other areas of the economy," emphasized Kazimov.
He also pointed out that over the past three years, the assets of Azerbaijan's insurance sector have grown by 34.2 percent, indicating a sustainable pace of industry development.
To note, the mentioned strategy includes priorities such as the development of insurance, capital markets, and the payment sector in the country, as well as strengthening the stability of the banking sector.
As of 2023, the assets of Azerbaijan's insurance sector reached 1.8 billion manat, or $1.06 billion (an increase of 13.2 percent).
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