BAKU, Azerbaijan, June 25. The second day of the Azerbaijan International Insurance Forum has concluded in Baku, organized by the Azerbaijan Insurers Association, Trend's correspondent reports from the event.
The forum brought together industry representatives and experts to discuss key developments in the insurance sector.
As part of the agenda, panel sessions were held on topics including “Insurance Market of the Turkic World: Trends, Challenges and Emerging Developments,” “Life and Health Insurance Worldwide: Building Trust, Relevance and Long-Term Value,” and “Professional Education in Insurance,” among others.
The annual forum serves as a platform for discussing current issues in the insurance market with participation from local and international experts.
The main objectives of the event included examining global insurance market trends, expanding cooperation between local market participants and foreign insurers, as well as studying international experience and emerging challenges in the insurance industry.
Speaking at the event, Kamoliddin Abdurakhimov, CEO of the Association of Professional Participants in Uzbekistan’s Insurance Market said that Uzbekistan’s insurance market has expanded by more than 3.5 times over the past five years.
Abdurakhimov said that digitalization has significantly improved transparency in Uzbekistan’s insurance sector.
He noted that a major turning point came in 2016, when large-scale economic reforms began in the country. Another important milestone was the adoption in 2021 of a revised insurance law, which enabled the sale of insurance policies in electronic form and the creation of a unified digital system.
According to him, digitalization has also helped significantly reduce insurance fraud. Previously, counterfeit compulsory motor liability insurance policies were widely circulated, despite security features on official forms, with fraud typically detected only after an insured event occurred. Digital systems have now largely eliminated such cases.
He added that following Cabinet of Ministers Resolution No. 555 in 2021, electronic insurance gained wide adoption. Since July 2022, all compulsory insurance types have been issued electronically, and since 2023 both compulsory and voluntary policies have been processed through a unified system.
Abdurakhimov said the market has grown from $334 million in 2021 to more than $1.2 billion in 2025.
“Over the past five years, Uzbekistan’s insurance market has grown more than 3.5 times,” he said.
He noted that insurance penetration stands at around 0.8% of GDP, compared to 0.26% previously.
Regarding market structure in 2025, he said voluntary insurance accounts for 83% of the market, compulsory insurance for 7%, and life insurance for 4%.
He added that the share of life insurance has declined following the removal of previously existing tax incentives for the segment.
CEO of the Chartered Insurance Institute of the UK Matthew Hill emphasized that demand for financial sector specialists will continue to grow.
According to him, professionalism in the financial services sector must evolve alongside changes in the world, and the growing demand for specialists requires a more open approach to attracting new talent.
"A profession is a group of people trusted by the public. Professionals possess specialized knowledge and adhere to a value system or code of ethics that serves a broader societal purpose," said Hill.
He noted that traditionally, high levels of professionalism were achieved through membership in professional organizations, obtaining qualifications, and adhering to professional ethics.
"The existing model must adapt to new realities.
One of the key drivers of this change is the growth of prosperity worldwide. Over the past decades, average incomes have risen significantly, hundreds of millions of people have escaped extreme poverty, and access to goods, services, education, and healthcare has expanded significantly.
Today, people around the world need more financial services and more qualified specialists than ever before," said Hill.
He reported that in all the countries he visits, the issue of access to talented personnel remains one of the most discussed topics.
"From London to Hong Kong, the skills shortage is the most frequently raised issue at meetings. This means the financial services professional community must more actively attract new talent and create conditions for new professionals to join, while maintaining the high standards that build public trust.
Demand for financial sector specialists is growing and will continue to grow," he added.
Executive Director of the Azerbaijan Insurers Association (AIA), Abas Miskarli, told Trend on the sidelines of the event that new reforms are being prepared in the Azerbaijani insurance market.
He said that the forum held in Baku will make a significant contribution to the development of the country's insurance market.
According to him, the participation of well-known insurance specialists from more than 20 countries in the forum creates broad opportunities for the local market to benefit from international experience.
"Today, well-known specialists in the field of insurance from more than 20 countries are participating here. Most of them represent more developed insurance markets, and naturally, we have a lot to learn from the experience of those markets. Considering the history of Azerbaijan's independence and the stage of market development, this is absolutely normal," he noted.
Miskarli pointed out that the forum allows not only Azerbaijan to benefit from international experience, but also to share the country's achievements in the insurance sector with other countries.
"Representatives of countries with less developed economies and insurance markets are also participating here. They are also studying Azerbaijan's experience. For example, the results we have achieved in the field of digitalization of compulsory car insurance are of interest to many countries. In some countries, processes in this direction are not yet fully formed, and they benefit from our experience," he emphasized.
The executive director added that the continuous innovations carried out in Azerbaijan's insurance legislation also arouse the interest of foreign partners.
"The Central Bank is consistently working towards the development of the insurance sector. The changes made to the legislation, the problems we face, and the ways to solve them serve as a useful experience for other countries," Miskarli said.
He also highlighted that a number of important innovations will be implemented in the insurance sector in the near future.
"As noted in the speeches made within the framework of the forum, a number of changes are planned to be made to the insurance legislation. Some of these changes will cover the activities of insurance intermediaries," he explained.
According to Miskarli, work is also underway to improve compulsory property insurance for individuals.
"The modernization of compulsory property insurance is envisaged. The goal is to ensure more reliable protection of citizens, especially from catastrophic risks. Based on the current approach, it's expected that these innovations won't lead to a growth in insurance premiums nor create an additional financial burden for the population. On the contrary, citizens will receive broader insurance coverage," he said.
The executive director emphasized that the Central Bank also plans to introduce new requirements for professional participants in the insurance market.
"It's envisaged to introduce certification mechanisms for a number of professions. As a result of this process, employees of insurance companies, agents, and brokers will have a higher level of professionalism. This, in turn, will have a positive impact on both the development of the sector and the improvement of the quality of services provided to citizens," Miskarli added.
