12:59 - 17.07.2023

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July 17, Fineko/abc.az. The capitalization of the insurance market is still very small and, thus, is a factor limiting the ability of insurance companies to take risks, Center for Social Research’s head Zahid Oruj said during his speech at conference "Ways to successfully resolve insurance disputes".

ABC.AZ reports that according to Oruj, currently the total amount of the authorized capital of all insurers across the country is about AZN 310 million. This amount is quite low compared to the capital of a mid-level European insurance company.

He added that along with capitalization, it is important to create insurance reserves and direct their resources to free investment:

"Insurance reserves can serve as an important credit resource for the country's economy," Oruj believes.