Share of insurance sector in Azerbaijan's GDP is about 1%

17:01 - 16.04.2024

April 16, Fineko/ Over the past 5 years, the insurance market in Azerbaijan has been growing by 15-18%.

ABC.AZ informs that chairman of the Parliamentary Committee on Economic Policy, Industry and Entrepreneurship Tahir Mirkishili at the Insurtech summit in Baku.

The MP noted that of the 1.5 million cars in operation in Azerbaijan, only 3% have voluntary insurance: "Growth of GDP and growth of household income also increases the demand for insurance.

In developed countries, the share of insurance services in GDP is 8-12%. And in Azerbaijan, the share of the insurance sector in GDP is about 1%."