12:38 - 26.01.2024

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January 26, Fineko/abc.az. The Central Bank's Financial Sector Development Strategy for 2024-26 has been adopted.

ABC.AZ reports that CBA chairman stated about this in his address to the participants of the financial system. The appeal reveals the details of the strategy.

It is noted that in the insurance sector, which is at a stage of rapid development, there are issues of expanding mediation and sales channels (including insurance agents and brokers), promoting voluntary and compulsory insurance, creating insurance information and monitoring center, as well as strengthening corporate governance and implementing risk-based prudential regulation. The main strategic goals in the insurance sector include expanding insurance coverage and effective consumer protection, increasing the index of confidence in insurance from 66% to 80% and increasing the solvency of insurers, as well as increasing the total amount of insurance premiums per capita from the current 121 manats to potentially 195 manats.

This comprehensive approach is aimed at supporting economic growth through effective risk management.