16:08 - 21.06.2024

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June 21, Fineko/abc.az. The financial indicators of all insurers operating in Azerbaijan fully comply with the prudential requirements of the Central Bank (CBA), ABC.AZ reports, quoting CBA general director Ziya Aliyev.

He added that there are no facts of inconsistency in financial indicators: "For this reason, the withdrawal of any insurance company from the market is not expected. There is no reason for this."

Aliyev noted that insurance is a business area where shareholders make their own decisions in connection with business development: "Shareholders decide for themselves whether to continue the business or leave the market. Our market, like the markets of other countries, may face similar situations. This is a normal phenomenon and can happen at any time."

Last year the number of insurance companies in Azerbaijan decreased. The CBA cancelled the licenses of Günay Sığorta OJSC and Naxçıvan Sığorta OJSC.

This year, on the basis of the presidential decree, on February 14, the CBA canceled the license of state commercial insurer Azərsığorta.

Thus, the number of insurance companies in the country has decreased from 20 to 17.