BAKU, Azerbaijan, January 26. The insurance sector in Azerbaijan is expected to raise its assets from 1.9 billion manat to 3.7 billion manat, Trend reports.
According to the information, this is reflected in the "Strategy of Financial Sector Development for 2024-2026" approved by the Central Bank of Azerbaijan (CBA).
To note, the volume of insurance premiums on voluntary insurance in the country is planned to increase from the current 350 million manat ($205.8 million) to 630 million manat ($370.5 million), and life insurance premiums from the current 124 million manat ($72.9 million) to 280 million manat ($164.7 million).
Meanwhile, according to the State Statistics Committee of Azerbaijan, the assets of the insurance sector of Azerbaijan amounted to 1.9 billion manat ($1.1 billion) as of September 30, 2023, which is 19 percent more than at the end of 2022. At the same time, 37.1 percent of assets, or 720.9 million manat ($424 million), are accumulated in long-term financial assets (growth by 25.9 percent), 400.2 million manat ($235.4 million) (reduction by 10.8 percent) in bank accounts, 212.7 million manat ($125.1 million) (growth by 56.7 percent) in reinsurers' shares in insurance reserves, and the rest in other assets.
The Board of the Central Bank of Azerbaijan (CBA) today approved the "Strategy of Financial Sector Development for 2024-2026.".
Based on the CBA, the strategy includes priorities such as developing insurance, capital markets, and payment sectors in the country and strengthening the banking sector's stability.
It covers strategic objectives such as boosting financial inclusion and diversifying financial instruments, improving sector efficiency, implementing corporate governance, and ensuring transparency and stability.
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