16:12 - 20.06.2024

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June 20, Fineko/abc.az. "Azerbaijan has become a reliable strategic partner in the region in recent years due to its economic and political influence. Successful socio-economic reforms have led to the sustainable development of our national economy, strengthening its financial stability and accelerated modernization."

ABC.AZ reports that Central Bank’s chairman Taleh Kazimov made the relevant statement at the Azerbaijan International Insurance Forum in Baku.

He noted that Azerbaijan's economy has entered a new stage of development. During this period, a number of reforms aimed at strengthening the material well-being of the population and business are also being carried out. The financial sector plays an important role in economic development, in particular, the insurance sector.

In recent years, the insurance sector has also undergone ongoing institutional reforms, significantly improved infrastructure and achieved significant results.

Speaking about the positive dynamics observed in the insurance sector, the chairman of the CBA noted that according to the data for the last 3 years, growth of total assets of the sector made up 34.2%, and growth of total capital - 7.7%. Insurance premiums during this period also increased by 494 million manats and exceeded 1.22 bn manats.

Insurance payments for the same period grew by 26.3% and reached 587 million manats. The volume of the insurance market exceeded 1% of GDP.