Azerbaijani insurance market growing stably

The assets of the Azerbaijani insurance companies increased compared to the previous year, Ibrahim Alishov, Acting Chairman of the Board of the Financial Market Supervisory Authority of Azerbaijan (FIMSA), said.

Alishov made the remarks in Baku at the 9th forum "Azerbaijani Insurance Market: Trends and Opportunities".

The forum was organized by FIMSA and the Association of Insurers of Azerbaijan together with the Compulsory Insurance Bureau.

"The total assets have reached 1.4 billion manats at the end of the first quarter of 2019, which is almost 13.5 percent more than in the same period of 2018,” Alishov said. "At the same time, the share of assets in the total volume of assets of the country's financial market exceeded three percent compared to 2.7 percent in 2018.”

"The share of the insurance sector is 1.9 percent of non-oil GDP volume," he added.

The Azerbaijani insurance market has been growing stably recently. The Azerbaijani insurance market has grown by 64 percent over the past two years and a half.

Over 150 representatives, including 50 international organizations from 20 countries are participating in the forum.