Last year, volume of risks associated with insurance coverage in Azerbaijan exceeded GDP by 4 times

12:41 - 22.05.2024

May 22, Fineko/ The insurance sector is currently the most dynamically developing sector of the economy. Last year, the volume of insurance premiums increased at a record level and exceeded 1.2 billion manats.

ABC.AZ reports that Central Bank’s general director Ziya Aliyev said about this at conference on the theme "Sustainable Financial System against Catastrophic Risks" in Baku.

He noted that the number of insured items amounted to about 7.3 million.

"Last year, the volume of insurance payments reached 600 million manats. This suggests that the sector is beginning to play an important role in compensating for the losses of the population and business. The volume of insurance risks exceeded half a trillion manats, which is more than 4-fold higher than GDP. We always focus on educating a new generation of insurance agents," Aliyev added.