Central Bank holds conference on Sustainable Finance System Against Catastrophic Risks

23-05-2024

Baku, 23 May 2024: A conference on "Sustainable Finance System Against Catastrophic Risks," organized by the Central Bank and the Compulsory Insurance Bureau, was held at the Fairmont Baku hotel on May 22-23. The conference aimed to exchange experiences on the financial implications of catastrophic risks, their measurement, and discuss international best practices in developing insurance mechanisms to address these risks.

The event that served as an effective platform for discussions on increasing the resilience of buildings and financial systems against natural disasters, rallied around professionals from the insurance sector, representatives from relevant academic circles, and engineers from the fields of geology and construction.

In his opening speech, First Deputy Governor of the Central Bank Rashad Orujov highlighted the ongoing reforms and development of Azerbaijan's financial markets in recent years. "However, the potential of our country's insurance market, which has not yet been fully realized, is huge. Therefore, one of the main strategic tasks is to expand the scale and penetration of the insurance market," said Mr. Orujov.

Central Bank representatives outlined initiatives to foster the sustainable growth of the insurance sector and enhance confidence in it.

Within the framework of the conference, presentations were also held on reinsurance modeling and application issues for earthquakes and other natural disasters in the insurance sector.