BAKU, Azerbaijan, December 26. Azerbaijan’s insurance sector continues to grow, with the total volume of insurance reaching around 1.5 billion manat ($88 million), said Vusal Gasimli, Executive Director of the Center for Analysis of Economic Reforms and Communication (CAERC),Trend reports.
Gasimli noted this during the presentation of the "InsurTech" teaching material, a project prepared jointly by CAERC, the State Academy of Public Administration under the president of the Republic of Azerbaijan, and the Azerbaijan Insurers Association.
"For every 10 manat ($5.88) of compulsory insurance premiums, approximately 6 manat ($3.53) are paid out, highlighting a trend of increasing payouts. Beyond the overall growth of the insurance market, three key areas stand out: market regulation, business models, and technology.
The 'InsurTech' textbook addressesall three in depth, highlighting how technology is reshaping the sector. The data shows that InsurTech is expanding at a remarkable pace, with the market reaching $20 billion last year alone and experiencing an estimated annual growth rate of 25-55%. According to international forecasts, the InsurTech market could soar to $250 billion by 2030," he said.