BAKU, Azerbaijan, May 26. The introduction of a microinsurance model in Azerbaijan is scheduled to begin by 2030, Trend reports.
This is reflected in the “State Program on expanding financial inclusion for 2027-2030” approved by the President of the Republic of Azerbaijan, Ilham Aliyev.
According to the State Program, the first step will be the creation and development of the microinsurance market. Next, an assessment of the microinsurance market’s development potential will be conducted, and incentive measures will be identified. Following this, the process of defining regulatory and licensing requirements will be carried out.
During the implementation of the project, it is planned to involve the Azerbaijan Insurance Association (AIA) in the process.
The State Program designates the Central Bank of Azerbaijan (CBA) as the main implementing agency for the initiative.
