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Azerbaijan - Work is underway on a mechanism of microinsurance systems

The collection of premiums in the insurance sector has improved after the establishment of the Financial Market Supervisory Authority (FIMSA).

The statement has been made at a seminar for the media by the head of the FIMSA Insurance Activity Supervision Department Firdovsi Agashirinov.

Touching the question of strengthening of the insurance control mechanism, Department’s head stated that FIMSA is taking serious steps in this direction.

“In connection with the development of the insurance sector, a number of measures are being taken, and among them are development of agricultural insurance and the creation of a mechanism of agricultural insurance. In this regard, a model has already been defined, and the work of the Authority has been accelerated. Work is also underway on the creation of a mechanism of micro-insurance systems,” said Agashirinov.

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