Azerbaijan’s insurance market forecasted to grow by over 10%

Insurance premiums in Azerbaijan are projected to exceed 1.4 billion manats ($820 million) in 2024, said the Executive Director of the Azerbaijan Insurers Association Public Union, Elmar Mirsalayev, Report informs.

"This means an increase of more than 10% compared to last year," Mirsalayev noted.

Mirsalayev recalled that the "2022-2026 socio-economic development strategy" and "Azerbaijan 2030: National Priorities for socio-economic development" document set a growth target of 10% for the insurance sector: "As a sector, we have been exceeding this minimum target for the second year. In 2022, market growth was 15%, and in 2023 it was 26%."

"With respect to the points arising from the '2024-2026 financial sector development strategy', we aim to increase insurance service penetration in our country by up to 3 times and raise the share of insurance collections in GDP to 5%," he noted.