Azerbaijan's economy enters new era with booming insurance sector, central bank governor says

Azerbaijan's economy has embarked on a new stage where the financial sector, including the insurance industry, plays a crucial role, according to Taleh Kazimov, Chairman of the Central Bank of Azerbaijan.

According to Report, speaking at the 10th Azerbaijan International Insurance Forum, Kazimov highlighted the remarkable growth witnessed by the insurance sector over the past three years.

The insurance industry in Azerbaijan has experienced substantial growth in recent years, he said, noting that assets of the insurance sector have surged by an impressive 34.2%, while the balance sheet capital has increased by 7.7%.

"Over this period, insurance premiums in the country have grown by 67.8% to reach 1,222.537 million manats, and insurance payments have increased by 26.3% to 587.325 million manats," Kazimov said.