Business reforms may remain incomplete without a modern insurance system, said Azer Amiraslanov, Chairman of the Economic Policy, Industry and Entrepreneurship Committee of the Milli Majlis, at the 11th Azerbaijan International Insurance Forum (AIIF-2026) held in Baku, APA-Economics reports.
He noted that the development of the insurance market has a direct impact on the country's economic growth and the improvement of the investment climate.
According to the committee chairman, important steps have been taken in recent years in Azerbaijan to improve the business environment, remove administrative barriers, and reduce state intervention and regulatory burdens.
Azer Amiraslanov stated that without the development of a modern insurance system, it is impossible to fully realize the effects of reforms carried out in this field: “The insurance system is one of the key complementary elements of improving the business environment.”
The committee chairman noted that there is a mutual relationship between economic growth and the development of the insurance market. According to him, as the economy develops, the insurance market also grows, while the development of the insurance system contributes to economic growth.
“When entrepreneurs, business entities and citizens feel more secure, this creates conditions for increased investment activity and economic development,” he emphasized.
Azer Amiraslanov added that the main purpose of the insurance system is not to eliminate risks entirely, but to ensure their effective management.
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