Azerbaijan's insurance sector grows by 35 times in last 18 years

The assets of the insurance sector of Azerbaijan stood at 1,889 million manats ($1.1 billion) as of the end of 2023, while this figure was 54 million manats ($31.8 million) at the end of 2005.

Report informs that this means a 35-fold increase.

In the last 18 years, insurance premiums in the country increased by 17 times from 71 million manats ($41.8 million) to 1,223 million manats ($719.4 million), and insurance payments grew by 39 times from 15 million manats ($8.8 million) to 587 million manats (345.3 million).

During the reporting period, the capital of the sector increased 21 times, from 26 million manats ($15.3 million) to 556 million manats ($327 million).