Azerbaijan's insurance sector is growing, says Azerbaijan's Central Bank chairman

The assets of the insurance sector in Azerbaijan have increased by 34.2% in the last 3 years, Azernews reports, citing Taleh Kazimov, chairman of the Central Bank of Azerbaijan, as he said at the Insurtech summit held in Baku today.

"In particular, the balance capital of the sector increased by 7.7%. In addition, in the last 3 years, insurance premiums in the country increased by 67.8% to 1 billion 223 million manats, and insurance payments increased by 26.3% to 587 million manats. In the gross domestic product of the sector, its share has exceeded 1%. Our assessments and international comparisons show that it is possible to increase this indicator to 2%," he said.

Recall that Baku hosted the Insurtech Forum for the first time with Turkiye. The organiser of the forum on the Azerbaijani side is the Azerbaijan Insurers Association, and on the Turkish side is the InsurTech Hub.

Various Turkish insurance organisations, as well as large Turkish insurance companies, insurtechs, and insurance-financial technology companies, participate in the forum.