Azerbaijan’s insurance sector assets rose by 5% in 1H2024

In the first half of 2024, the assets of Azerbaijan’s insurance sector grew by 5%, or 93 million manats ($54.7 million), reaching 1.92 billion manats (just under $1.3 billion), Report informs, citing the Central Bank of Azerbaijan (CBA).

The CBA detailed that 49% of these assets, amounting to 947 million manats ($557 million), are in state securities.

Additionally, 21% of the assets, or 399 million manats ($234.7 million), are held in bank funds, while 8%, or 148 million manats ($87 million), are in non-state securities. Accounts receivable make up 7% of the assets, totaling 125 million manats ($73.5 million), and the remaining 15% are classified as other assets.

The CBA noted that amid market expansion, positive dynamics are observed in the sector’s assets.