Abstract

ATASHOV, Bayalı Khanalı. Insurance system development problems and solutions in Azerbaijan. Universidad y Sociedad [online]. 2023, vol.15, n.2, pp. 234-245.  Epub Apr 30, 2023. ISSN 2218-3620.

Insurance is of great importance in the economy of a country since it helps to transfer the risk of an individual or company to the insurance company, which reduces uncertainty, helps protect people and companies against financial losses, in addition to promoting investment and consumption. Like any other economic activity, insurance has had a historical evolution and currently presents certain potentials as well as challenges. Thus, the aim of this paper is to analyze the global insurance market, specifically the problems and possible solutions for the development of the insurance system in Azerbaijan. The role, importance, and contributions of insurance in aspects related to economic activity are based, highlighting the role of insurance services in cases of difficulties and damages faced by subjects such as losses caused by fires, carelessness, natural disasters and other events. The problems of regulation of the insurance activity, strengthening of the legislative framework and creation of a healthy competitive environment for insurance companies are also emphasized. In this way, the problems of development of the insurance system in Azerbaijan as a young and independent state are outlined. Then, on the basis of modern reality and existing mechanisms, various proposals and recommendations on the problems of development and improvement of the insurance system in Azerbaijan in the near future have been developed.

Keywords : Azerbaijan insurance system; Insurance development problems.

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