12:34 - 17.07.2023

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July 17, Fineko/abc.az. In 2022, Azerbaijan's insurance market accounted for only 0.7% of GDP, ABC.AZ reports, quoting Center for Social Research’s head Zahid Oruj.

He said that this means a decrease of 0.2% compared to 2021. The share of the insurance sector in the GDP of European countries was 3.9%. In other words, Azerbaijan is more than 5 times behind European countries in terms of the level of development of the insurance sector.

Oruj added that even Georgia is ahead of Azerbaijan in the development of the insurance sector: "In 2022, the insurance market in Georgia was 1.27% of GDP, and in Armenia – 0.7% of GDP."