BAKU, Azerbaijan, March 6. The assets of Azerbaijan's insurance sector have reached 1.804 billion manat or $1.06 billion by the end of 2023, Trend reports, referring to the Cabinet of Ministers.
The report of the Cabinet of Ministers for 2023 shows that the indicator at the end of 2023 exceeded the indicator at the end of 2022 by 13.2 percent.
A total of 952 million manat or $559.9 million (52.8 percent of the sector's assets) was invested in securities, which is 32.4 percent more year-on-year.
Investments of insurance companies in government securities increased by 33.2 percent and reached 842 million manat or $495.3 million, while investments in non-government securities increased by 26.4 percent to 110 million manat or $64.7 million, the sector's funds on deposit accounts increased by 1.9 percent to 325 million manat or $191.2 million.
According to the "Financial Sector Development Strategy 2024-2026" approved by the Central Bank of Azerbaijan (CBA), it is planned to increase the assets of the insurance sector in Azerbaijan up to 3.7 billion manat or $2.17 billion.
The volume of insurance premiums on voluntary insurance in the country is planned to increase from the current 350 million manat to 630 million manat (from $205.9 million to $370.6 million), and life insurance premiums - from the current 124 million manat to 280 million manat (from $72.9 million to $164.7 million).