Auto insurance (CASCO) reform is being prepared in Azerbaijan

Azerbaijan plans to introduce new approaches to voluntary motor insurance - CASCO.

This was announced by Aliyar Mammadyarov, First Deputy Chairman of the Central Bank of Azerbaijan, at the 11th Azerbaijan International Insurance Forum being held in Baku.

According to him, the changes are aimed at bringing the insurance market into compliance with international standards, improving the quality of customer service, as well as more clearly delineating the rights and obligations of all participants in insurance relations.

Mammadyarov noted that innovations are also being prepared in the areas of compulsory real estate insurance and agricultural insurance. In addition, a credit insurance product has been created that provides for unemployment insurance.

According to him, the ongoing reforms are designed to enhance the stability and reliability of the country's insurance market.