Azerbaijan's insurance market has grown nearly twofold over the past four years, Chairperson of the Supervisory Board of the Azerbaijan Insurers Association Ulviyya Jabbarova said at the 11th Azerbaijan International Insurance Forum (AIIF-2026) held in Baku, APA-Economics reports.
According to her, the development achieved in the insurance market has been made possible through strategic goals set by the state, reforms implemented by the Central Bank of Azerbaijan, and the joint efforts of market participants.
Ulviyya Jabbarova stated that there is significant potential to increase insurance penetration in Azerbaijan and that the main objective is to fully realize this potential.
“Insurance is no longer merely a mechanism for compensating losses. It serves to help people look to the future with greater confidence, protect the financial resilience of families, and enable businesses to be more resilient in the face of unexpected risks,” she noted.
The head of the association emphasized that the growing intensity of natural disasters, the expansion of cyber risks, and population aging in the global insurance market are creating new challenges for the sector. This necessitates the development of more flexible approaches, innovative products, and customer-oriented solutions.
According to Ulviyya Jabbarova, increasing access to insurance services, expanding digital solutions, developing voluntary insurance, and broadening the use of financial services have been identified as key priorities under the State Program on Expanding Financial Inclusion for 2027–2030.
She noted that the program will serve as an important roadmap for the future development of the insurance market.
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