Azerbaijan plans to issue real estate insurance policies in electronic format

By Trend

Azerbaijan plans to issue insurance policies for real estate in electronic format, Head of Insurance Supervision Department at the Central Bank of Azerbaijan (CBA) Vusal Gurbanov told Trend.

According to him, the CBA has drafted a bill to improve the availability of real estate insurance.

"The Azerbaijani Central Bank implements various measures in order to expand the real estate insurance market. These include activities to raise awareness of this type of insurance and its benefits, as well as existing risks both for the population and business entities. The work on digitalization is underway to ensure the accessibility of a given kind of service," Gurbanov said.

For this, the CBA has prepared and submitted a draft law to the relevant government agencies. Thus, control and issuance of insurance policies for real estate are planned to be carried out electronically, he added.