Azerbaijan's insurance sector to transition to international accounting standards

The alignment of accounting in Azerbaijan's insurance sector with international standards is currently on the agenda, Vusal Gurbanov, Executive Director of the Central Bank of Azerbaijan (CBA), said at the first Assembly of the Turkic World Insurance Union held in Shusha, Report informs.

He said that the latest international standard, IFRS-17, is being prioritized:

"As the Central Bank, we are taking steps toward the implementation of IFRS-17 in the country, working jointly with relevant institutions. We believe this progressive move will enhance the sector's international representation and strengthen trust in the local market."

Gurbanov added that expanding access to insurance services remains a key development direction, stressing the importance of digitalization:

"There is a need to improve the distribution channels of insurance companies and to establish systems that will properly represent insurance. Today's demand is digitalization, and the CBA is taking steps in this regard. However, it should be noted that the pace of technological development and legislative adaptation rarely progress in parallel in any country, as technology evolves very rapidly."