CBA: Azerbaijan's insurance market poised for 10-15% growth in 2024

The insurance market in Azerbaijan is expected to witness a substantial growth of 10-15% in 2024, Ziya Aliyev, the Director General of the Central Bank of Azerbaijan (CBA), told Report.

Aliyev highlighted the consistent growth of the insurance market over the past four years, with an annual increase ranging from 10-17%.

"This year, insurance premiums are projected to reach 1.4 billion manats (over $823.5 million), he noted.

Aliyev further emphasized that the CBA's measures aimed at expanding the insurance market and strengthening its stability will help maintain this positive trend in the future.

In 2023, Azerbaijan's 20 insurance companies collected 1.222 billion manats (over $718.8 million) in insurance premiums, marking a significant 25.9% increase compared to the previous year. The total amount of payments made by insurance companies during the reporting period stood at 587.3 million manats (approximately $345.5), a 35.6% year-on-year growth.

Last year, out of every 100 manats ($58.82) of insurance premiums collected in the market, 48 manats ($28.24) were paid out, up from 44.6 manats ($26.24) in the previous year.