Azerbaijan to prepare action plan for insurance development

Baku. 15 December. REPORT.AZ/ Financial Markets Supervision Chamber (FMSC) will create working groups with participation of insurance organizations. 

Report informs referring to Strategical Road Map for development of financial services in Azerbaijan.

Working groups will carry out diagnostics of current situation, determine necessary works for development of legal, regulatory and institutional frameworks and operation model for each insurance field, through study of advanced international experience.

Action plans for development of each insurance field will be prepared and executed. the working group will systematically evaluate sector’s development level in line with determined initiatives. Moreover, the group will continuously assess opportunities to support additional fields in insurance sector, as well as necessary changes in insurance policy.

Development of new insurance services will deepen financial intermediation and impact inclusiveness. Insurance of agricultural risks will broaden access to financial resources and support growth of the sector.

1.4% insurance penetration (correlation of insurance premiums to non-oil GDP) is targeted. 1600 new jobs will be created as a result of arrangements for development of insurance market.