BAKU, Azerbaijan, January 9. Insurance premiums in Azerbaijan exceeded one billion manat ($590 million) in 2023, for the first time, increasing by 28 percent compared to the end of 2022, Executive Director of the Azerbaijan Insurers Association (AIA) Elmar Mirsalayev said during the Azerbaijan Financial Forum themed “Achievements and challenges”, Trend reports.
"The share of the insurance sector in Azerbaijan's GDP was one percent. As professional participants in the insurance market, our main goal and task is to ensure the sustainability of the existing, stable and growing market. The important reform carried out by the Central Bank to develop the insurance sector gives us confidence that we'll achieve this goal in the coming years," he noted.
The AIA is a non-governmental organization united on the basis of common interests and established on the principles of volunteerism and legal equality of members, which does not focus on income as the main goal of its activities.
The main purpose of the association is to promote the development of insurance and reinsurance companies operating in Azerbaijan, to develop their socio-economic, information and other development programs and to expand scientific knowledge in this field.
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