Azerbaijan sees 23% growth in insurance sector last year

Baku. 5 March. REPORT.AZ/ As of January 2019, the assets of the insurance sector in Azerbaijan stood at AZN 1,233,300,000, up 22.6% from the previous year, Report informs citing the Cabinet of Ministers.

AZN 467.9 million of assets were directed to securities market, up 59.6% in comparison to a year earlier. AZN 365.1 million (+72.1%) were directed to government securities, AZN 102.8 million (+26.9%) to non-government securities.

The insurers' assets in deposit accounts dropped by 4.6% settling at AZN 342.5 million, while the assets in cash funds rose by 68.4% at AZN 115 million, and other assets rose by 7.7% settling at AZN 307.9 million.

As at the end of 2018, Azerbaijan accounted for 21 insurers, 1 reinsurer, 24 insurance brokers and 806 insurance agents.