BAKU, Azerbaijan, June 24. The Azerbaijani insurance market has nearly doubled over the past four years, Chairperson of the Azerbaijan Insurers Association (AIA) Supervisory Board, Ulviya Jabbarova, said at the International Insurance Forum held in Baku, Trend's correspondent reports from the event.
According to her, the market's development was made possible thanks to the strategic goals set by the government, reforms implemented by the Central Bank of Azerbaijan, and the joint efforts of market participants.
"Despite the results achieved, the market has significant potential for further growth.
Azerbaijan has significant opportunities to increase insurance penetration, and the goal is to fully realize this potential," she said.
Jabbarova emphasized that the key objective remains beyond simply growing market indicators.
"Our primary goal is to make insurance a more significant part of people's lives and a more significant contribution to the sustainable development of society and the economy. In a changing world, risks are growing, consumer expectations are evolving, and the role of insurance is becoming even more crucial.
The global insurance industry is focusing on evolving risks and finding new solutions to manage them.
These challenges require us to be more flexible, create innovative products, and respond more quickly to changing customer needs," she said.
The AIA official noted that the State Program for Expanding Financial Inclusion for 2027–2030 has identified key priorities for the development of the insurance sector.
According to her, these include increasing the availability of insurance services, expanding digital solutions, developing voluntary insurance options, and creating broader opportunities for financial services.
"This document is not only a state program but also an important roadmap for the further development of the insurance market. Achieving these goals is the shared responsibility not only of government agencies but also of all market participants.
The Azerbaijan International Insurance Forum serves precisely these goals, creating opportunities to study international experience, discover new approaches, and exchange professional opinions.
Discussions and exchange of experience within the forum will contribute to the further development of Azerbaijan's insurance sector," she concluded.
