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Azerbaijan’s insurance market expected to considerably expand

Business Materials 2 May 2023 14:18 (UTC +04:00)
Azerbaijan’s insurance market expected to considerably expand
Sadraddin Aghjayev
Sadraddin Aghjayev
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BAKU, Azerbaijan, May 2. The Azerbaijani insurance market is expected to develop at a rate of 35 to 40 percent by the end of 2023, Executive Director at the country’s Compulsory Insurance Bureau Rashad Ahmadov said, Trend reports.

According to Ahmadov, the growth of real estate insurance is expected to more than double.

"In the near future it is expected to launch the electronic sale of insurance policies for real estate, and by the end of the year - all types of insurance products, except for "Green Cards". Such digitalization will contribute to achieving significant growth in Azerbaijan’s insurance sector," he said.

Fees for compulsory real estate insurance amounted to about 36.4 million manat or $21.4 million (an increase of 44.31 percent over the year) from January through March 2023. Fees in the segment of civil liability insurance of motor vehicle owners increased by 64.33 percent to 35.6 million manat ($20.9 million) over the year.

Overall, Azerbaijan’s insurance companies collected insurance premiums in the amount of over 221 million manat ($129.9 million), while payments amounted to 70.5 million manat ($41.4 million).

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