CBA official: Catastrophic risks can increase burden on state budget

There are also risks of catastrophic risks increasing the burden on the state budget in Azerbaijan, Vusal Gurbanov, Director of the Insurance Supervision Department of the Central Bank of Azerbaijan (CBA), said at the Conference on Resilient Financial System Against Catastrophic Risks in Baku, Report informs.

According to him, this issue is currently a priority for the CBA: "Catastrophic risks are caused the complete destruction of infrastructure, production slowdown, business activity stoppage, serious consequences in the financial sector in general, and recession in the country's economy," Gurbanov highlighted.