CBA Deputy Governor: Azerbaijan to apply new approaches to Casco insurance

New approaches will soon be applied to voluntary auto (Casco) insurance in Azerbaijan, according to First Deputy Governor of the Central Bank of Azerbaijan (CBA) Aliyar Mammadyarov, Report informs.

Speaking at the 11th Azerbaijan International Insurance Forum (AIIF-2026) in Baku, Mammadyarov said the changes aim to align with international insurance principles, clarify the rights and obligations of parties, and improve customer satisfaction.

He noted that improvements in compulsory property insurance will help reduce the impact of catastrophic risks, provide more adequate coverage, and enable faster damage assessment. In addition, new legislative initiatives have been prepared for the agro-insurance system to strengthen institutional foundations, ensure more resilient risk management, and enhance the effectiveness of state support.

Mammadyarov added that reforms in insurance intermediation will boost professionalism among intermediaries, expand coverage, and contribute to market development. He also announced the introduction of a credit insurance product that provides unemployment protection, designed to strengthen the financial security of borrowers.

"These improvements in the insurance market are aimed at increasing the sector's resilience," the CBA official emphasized.