BAKU, Azerbaijan, December 26. Azerbaijan’s
insurance sector continues to grow, with the total volume of
insurance reaching around 1.5 billion manat ($88 million), said
Vusal Gasimli, Executive Director of the Center for Analysis of
Economic Reforms and Communication (CAERC),Trend reports.
Gasimli noted this during the presentation of the “InsurTech”
teaching material, a project prepared jointly by CAERC, the State
Academy of Public Administration under the president of the
Republic of Azerbaijan, and the Azerbaijan Insurers
Association.
“For every 10 manat ($5.88) of compulsory insurance premiums,
approximately 6 manat ($3.53) are paid out, highlighting a trend of
increasing payouts. Beyond the overall growth of the insurance
market, three key areas stand out: market regulation, business
models, and technology.
The ‘InsurTech’ textbook addressesall three in depth,
highlighting how technology is reshaping the sector. The data shows
that InsurTech is expanding at a remarkable pace, with the market
reaching $20 billion last year alone and experiencing an estimated
annual growth rate of 25-55%. According to international forecasts,
the InsurTech market could soar to $250 billion by 2030,” he
said.
