Baku: The Central Bank of Azerbaijan is preparing a new development strategy for the insurance sector, as announced by Aliyar Mammadyarov, First Deputy Chairman of the Central Bank of the Republic of Azerbaijan, at the 11th Azerbaijan International Insurance Forum, APA-Economics reports.

According to Azeri-Press News Agency, Mammadyarov emphasized that while significant achievements have been made, the strategic objectives for the upcoming period are extensive. The Central Bank is currently developing a strategy that will cover the next strategic period, focusing on key priorities for the future.

Mammadyarov stated that the full establishment of a risk-based prudential supervision model and a shift from a reactive to a proactive supervision model are among the central aims. Additionally, the strategy will prioritize expanding the application of a special regulatory regime and introducing alternative insurance products, including takaful insurance.

Further, the CBA official highlighted that stronger consumer rights protection, enhanced customer satisfaction, and the expansion of digital innovations are also integral to the new strategy. Mammadyarov underscored that these priorities are designed to foster effective risk management, introduce innovative market products, satisfy consumer demand, and fully realize the sector's institutional potential.