BAKU, Azerbaijan, June 25. New reforms are being prepared in the Azerbaijani insurance market, Executive Director of the Azerbaijan Insurers Association (AIA), Abas Miskarli, told Trend on the sidelines of the 11th Azerbaijan International Insurance Forum.
He said that the forum held in Baku will make a significant contribution to the development of the country's insurance market.
According to him, the participation of well-known insurance specialists from more than 20 countries in the forum creates broad opportunities for the local market to benefit from international experience.
"Today, well-known specialists in the field of insurance from more than 20 countries are participating here. Most of them represent more developed insurance markets, and naturally, we have a lot to learn from the experience of those markets. Considering the history of Azerbaijan's independence and the stage of market development, this is absolutely normal," he noted.
Miskarli pointed out that the forum allows not only Azerbaijan to benefit from international experience, but also to share the country's achievements in the insurance sector with other countries.
"Representatives of countries with less developed economies and insurance markets are also participating here. They are also studying Azerbaijan's experience. For example, the results we have achieved in the field of digitalization of compulsory car insurance are of interest to many countries. In some countries, processes in this direction are not yet fully formed, and they benefit from our experience," he emphasized.
The executive director added that the continuous innovations carried out in Azerbaijan's insurance legislation also arouse the interest of foreign partners.
"The Central Bank is consistently working towards the development of the insurance sector. The changes made to the legislation, the problems we face, and the ways to solve them serve as a useful experience for other countries," Miskarli said.
He also highlighted that a number of important innovations will be implemented in the insurance sector in the near future.
"As noted in the speeches made within the framework of the forum, a number of changes are planned to be made to the insurance legislation. Some of these changes will cover the activities of insurance intermediaries," he explained.
According to Miskarli, work is also underway to improve compulsory property insurance for individuals.
"The modernization of compulsory property insurance is envisaged. The goal is to ensure more reliable protection of citizens, especially from catastrophic risks. Based on the current approach, it's expected that these innovations won't lead to a growth in insurance premiums nor create an additional financial burden for the population. On the contrary, citizens will receive broader insurance coverage," he said.
The executive director emphasized that the Central Bank also plans to introduce new requirements for professional participants in the insurance market.
"It's envisaged to introduce certification mechanisms for a number of professions. As a result of this process, employees of insurance companies, agents, and brokers will have a higher level of professionalism. This, in turn, will have a positive impact on both the development of the sector and the improvement of the quality of services provided to citizens," Miskarli added.
