12:51 - 18.05.2026

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May 18, Fineko/abc.az. In Azerbaijan, insurance companies will compensate for damage caused in emergency situations within 7 days.

ABC.AZ reports that Central Bank of Azerbaijan’s Director General Vusal Gurbanov said this on ATV broadcast "Iqtisadi Zona".

"If the insured event is large, massive, and accompanied by devastating consequences, it is assumed that it will be defined as a separate criterion. That is, for example, it can be considered as an emergency situation. In this case, the relevant executive body will assess the impact of the insured event and, within certain criteria, electronically transmit information to the insurance company through the Compulsory Insurance Bureau. For example, if some part of the property is damaged or it is completely destroyed, then based on the information sent by this body, the insurance company will pay compensation to the insured person within 7 working days through the nearest bank," he said.

The CBA rep also noted that the insurance process is expected to use electronic methods more widely: "We’ve taken steps to expand coverage of catastrophic risks (earthquakes, natural disasters, floods and other cases) and increase insurance amounts. A special project has been prepared for this purpose. For the first time in Azerbaijan, modeling was carried out in the insurance sector, earthquake risk maps were identified. In accordance with this, the assessment of insurance claims that may occur on the territory of the country will be carried out on the basis of this modeling."