Central Bank: Insurance premiums in Azerbaijan grow significantly

Chairman of Central Bank of Azerbaijan (CBA) Taleh Kazimov has said that the total assets of Azerbaijan’s insurance sector have increased by 34 per cent over the last three years.

"In recent years, there have been positive dynamics in the insurance sector. Over the past three years, assets have increased by 34.2 per cent and capital by 7.7 per cent," Kazimov said at the International Insurance Forum on June 20, Caliber.Az reports.

He also noted that the volume of insurance premiums increased by 494 million manats ($290.6 million), reaching 1.222 billion manats ($718.8 million), insurance payments increased by 26.3 per cent to 587 million manats ($345.3 million), and the ratio of the insurance market to GDP exceeded 1 per cent.

At the same time, he noted that despite the positive dynamics, the development potential of the insurance market remains high. For this reason, the development of the insurance market and ensuring its compliance with modern requirements is among the strategic priorities of the Central Bank.

"I would like to emphasise the increased confidence in the insurance market due to its strategic initiatives. As a result of the work done in this direction, we expect the confidence index in the sector to increase from 66 per cent to 80 per cent. In addition, we intend to increase the total insurance premium per person by 61 per cent from the current 121 manats ($71) to 195 manats ($114.7)," Kazimov added.