BAKU, Azerbaijan, Mar. 15
Trend:
Compulsory insurance of civil liability of vehicle owners is the most popular insurance service in Azerbaijan, Rashad Ahmadov, executive director of the country’s Compulsory Insurance Bureau (CIB) told Trend.
According to Ahmadov, at present, the priority issue of the CIB is the digitalization of compulsory real estate insurance.
"Currently, the Central Bank of Azerbaijan is developing a bill which will allow to receive information about real estate facilities, expanding the capabilities of insurance companies," the CEO noted.
Besides, according to him, the implementation of this project will allow control insured or uninsured real estate facilities using a single database.
"This database of real estate facilities can be created before the end of 2022," Ahmadov said.
The turnover of compulsory insurance funds for real estate is nearly 80 million manat ($47 million) per year, but the existing potential is estimated at 200 million manat ($117.6 million), he added.
