BAKU, Azerbaijan, May 26. The introduction of a
microinsurance model in Azerbaijan is scheduled to begin by 2030,
Trend reports.
This is reflected in the “State Program on expanding financial
inclusion for 2027-2030” approved by the President of the Republic
of Azerbaijan, Ilham Aliyev.
According to the State Program, the first step will be the
creation and development of the microinsurance market. Next, an
assessment of the microinsurance market’s development potential
will be conducted, and incentive measures will be identified.
Following this, the process of defining regulatory and licensing
requirements will be carried out.
During the implementation of the project, it is planned to
involve the Azerbaijan Insurance Association (AIA) in the
process.
The State Program designates the Central Bank of Azerbaijan
(CBA) as the main implementing agency for the initiative.
