Annual insurance premium reaches 87 manats per capita in Azerbaijan

Last year, the share (penetration level) of insurance premiums in Azerbaijan's gross domestic product (GDP) was 1%, and its share in non-oil GDP was 1.8%, Report informs, citing a governmental source.

"In 2021, the per capita insurance premium in the country was 87 manats, which is 37 manats more than in 2017," he said.

"The penetration level is 1.4% in Russia, 1.5% in Turkey, 1.4% in Georgia, 0.7% in Kazakhstan, and 1.4% in Ukraine. If we look carefully, the penetration level is higher in European countries because insurance coverage is wider in these countries. Depending on the countries, this figure varies between 6.9-9.4%," the source added.

Moreover, according to him, in the last five years, the insurance sector in Azerbaijan has grown by 11% annually, including life insurance by almost two times, and non-life insurance by 6%. The majority of life insurances are voluntary insurance types, and the majority of voluntary insurances are mandatory insurance types.

At the end of 2021, there were 730 insurance agents and 28 insurance brokers in Azerbaijan.