In the field of insurance in Azerbaijan, the issue of cyber security should be at the forefront.
Chairman of the Economic policy, industry and entrepreneurship committee of the Milli Majlis, Tahir Mirkishili, said this at the "Insurtech" summit held in Baku today.
The deputy noted that it is important that the digitization process implemented in Azerbaijan also takes place in the field of insurance: "In these matters, security should be at the forefront. A lot of work has been done in Azerbaijan regarding cyber security. But more work should be done in other areas compared to the banking sector."
T. Mirkishili said that the use of the potential of insurance as a protection mechanism against unexpected events in Azerbaijan is at a low level.
He believes that the main burden of costs arising from man-made events is covered by the state budget: "State property is almost not insured in the country.
In general, it is not desirable to cover losses from the state budget. This means a violation of the budget plan. Insurance is also a tool to ensure continuity of production. Insurance is also called a strategic sector due to its impact on macroeconomic processes. Violation of the continuity of production disrupts the supply, inflation arises.
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