Azerbaijan's insurance sector has grown by 34% for past 3 years

12:05 - 16.04.2024

April 16, Fineko/ The assets of the insurance sector in Azerbaijan have increased by 34.2% over the past 3 years.

ABC.AZ reports that Taleh Kazimov, the chairman of the Central Bank of Azerbaijan, stated about this at the Insurtech Summit held in Baku today.

"The net worth of the sector increased by 7.7%. In addition, in the last 3 years, insurance premiums in the country rose by 67.8% to 1.223 billion ($0.71 billion), and insurance payments surged by 26.3% to 587 million manats ($345.06 million). The share of the sector in the GDP exceeded 1%. Our assessments and international comparisons show that it is possible to increase this indicator to 2%," he said.