Elmar Mirsalayev: Insurance premiums in Azerbaijan may exceed 1.4 billion manats by year-end

By the end of 2025, the volume of insurance premiums in Azerbaijan could reach 1.4 billion manats ($820 million), Elmar Mirsalayev, Executive Director of the Azerbaijan Insurers Association, told Report.

"At the beginning of the year, we announced a target to exceed the threshold of 1.4 billion manats in insurance premiums. If we maintain the current pace until the end of the year, we will achieve this goal. Although the insurance market faces unexpected challenges from different directions every year, we manage to maintain steady growth dynamics. We have also set a target for an annual market growth rate of at least 10%. To achieve this, we are implementing a set of measures aimed at developing the insurance sector," Mirsalayev noted.

According to the Central Bank of Azerbaijan, in January–June of this year, the 16 insurance companies operating in the market collected premiums totaling 817.048 million manats, which is 12.7% more compared to the same period last year.

During the same period, insurance payouts amounted to 432.198 million manats, up 21.4% year-on-year.

It should be noted that the total insurance market collections in Azerbaijan in 2024 exceeded 1.3 billion manats, which is 10.7% more than in 2023.

Meanwhile, the ratio of collected insurance premiums to GDP last year stood at 1.1% (compared to 0.99% in 2023).