In 2025, the volume of the insurance market in Azerbaijan increased by 10% to reach 1.5 billion manats, while the volume of insurance payouts amounted to 920 million manats, said Vusal Gurbanov, Director General of the Central Bank of Azerbaijan, APA-Economics.
According to him, insurance is one of the main mechanisms serving to protect social welfare and financial stability, and strategic steps are being taken by the Central Bank in this direction. It was noted that insurance is a type of activity based on probabilities, and these probabilities are formed on the basis of insurance history. As a result of applying observation histories as well as big data-based approaches, millions of data points are analyzed more effectively than traditional rules. The development of technological tools expands assessment capabilities in shaping insurance tariffs and coverage, and creates conditions for strengthening the competitive environment in the market.
He added that insurtech solutions are of special importance in carrying out insurance payouts, and the Central Bank pays particular attention to the implementation of insurance technologies. According to the Director General, the publications issued in this field, including the new “Insurtech” book, are an indicator of the growing attention to insurance and technology in Azerbaijan.
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