CBA: Azerbaijani insurance companies guarantee protection against risks worth 500 billion manats

Insurance companies operating in Azerbaijan guaranteed protection against risks in the amount of 500 billion manats (nearly $300 billion), Director General of the Central Bank of Azerbaijan (CBA) Ziya Aliyev said.

According to him, this is 5 times the gross domestic product (GDP) for the year.

"That is, a guarantee is given that is five times the country's total income for the year. This is an indicator of the great role the insurance sector plays in the economy," he said.

The general director believes that despite the demonstrated pace of development, the insurance market of Azerbaijan has room to grow.

"For example, the amount of insurance guarantees against risks is equal to 20 times GDP," he said.