Last year, the share (penetration level) of insurance premiums in gross domestic product (GDP) in Azerbaijan was 1%, and its share in non-oil GDP was 1.8%.
This “Report” a government source said.
“In 2021, the insurance premium per person in the country was 87 manats. This is 37 manats more than in 2017,” he said.
“The penetration level is 1.4% in Russia, 1.5% in Turkey, 1.4% in Georgia, 0.7% in Kazakhstan, and 1.4% in Ukraine. If we pay attention to European countries, the level of penetration is higher there. Because insurance coverage is wider in these countries. Depending on the countries, this figure varies between 6.9-9.4%,” the source added.
In addition, according to him, in the last 5 years, the insurance sector in Azerbaijan has grown by 11% annually, including life insurance by almost 2 times, and non-life insurance by 6%. A large number of life insurances are voluntary types of insurance, while the majority of voluntary insurances are compulsory types of insurance.
At the end of 2021, there were 730 insurance agents and 28 insurance brokers in Azerbaijan.