Azerbaijan eyes increasing insurance sector by twofold

It is aimed to increase the assets of the insurance sector in Azerbaijan from the current 1.9 billion manats ($1.1 billion) to potentially 3.7 billion manats ($2.2 billion), according to the Development Strategy of the Financial Sector in 2024-2026 approved by the Central Bank of Azerbaijan (CBA), Report informs.

"It is aimed to increase the insurance premiums for voluntary insurance in the country from the current 350 million manats ($205.9 million) to potentially 630 million manats ($370.6 million), and the insurance premiums for life insurance from the current 124 million manats ($73 million) to 280 million manats ($164.7 million)," the document said.