The assets of the insurance sector in Azerbaijan have increased by 34.2% over the past 3 years, Taleh Kazimov, Chairman of the Central Bank of Azerbaijan, said at the Insurtech Summit held in Baku today, Report informs.
"The net worth of the sector increased by 7.7%. In addition, in the last 3 years, insurance premiums in the country rose by 67.8% to 1.223 billion ($0.71 billion), and insurance payments surged by 26.3% to 587 million manats ($345.06 million). The share of the sector in the gross domestic product exceeded 1%. Our assessments and international comparisons show that it is possible to increase this indicator to 2%," he said.
