BAKU, Azerbaijan, April 15. The insurance sector continues to realize its growth potential, said Vugar Aliyev, Advisor to the Governor of the Central Bank of Azerbaijan (CBA), Trend reports.
Speaking at a press conference today on financial stability, Aliyev noted that in 2024, the total insurance premiums collected saw an increase of over 10 percent, reaching 1.35 billion manat ($794.1 million). Of these premiums, 54 percent came from life insurance and 46 percent from non-life insurance policies.
He further mentioned that life insurance premiums increased by 16.7 percent to 734 million manat ($431.7 million), while non-life insurance premiums grew by 4.4 percent to 619 million manat ($364.1 million).
"The primary driver behind the growth in both life and non-life insurance premiums has been voluntary insurance policies. Voluntary insurance premiums saw an increase of nearly 14 percent, reaching 1.01 billion manat ($594.1 million), while compulsory insurance premiums grew by 2.4 percent, totaling 342 million manat ($201.1 million).
The main factor behind the growth in voluntary insurance premiums was the life insurance segment. 76 percent of the growth in voluntary insurance was driven by life insurance policies, amounting to 94 million manat ($55.2 million). Despite the growth in premiums, the increase was mainly driven by a limited number of companies," he added.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel