BAKU, Azerbaijan, June 27. Insurance companies operating in Azerbaijan collected 732.633 million manats (about $431 million) in insurance premiums in January–May of this year, according to the Central Bank of Azerbaijan (CBA).
This represents an increase of 13.3 million manats (about $7.8 million), or 1.85%, compared with the same period last year.
Insurance payouts during the reporting period totaled 409.636 million manats (about $241 million), up by 94.8 million manats (about $55.7 million), or 30.1%, year on year.
The positive trend in the insurance sector was also highlighted at the 11th Azerbaijan International Insurance Forum (AIIF-2026) in Baku.
Speaking at the forum, Ulviyya Jabbarova, Chairwoman of the Supervisory Board of the Azerbaijan Insurers Association, said the country’s insurance market has nearly doubled over the past four years.
She attributed the growth to state-set strategic objectives, reforms implemented by the Central Bank of Azerbaijan, and joint efforts by market participants.
Despite recent progress, she said there is still significant untapped potential for further expansion of insurance coverage in Azerbaijan, with the broader goal of strengthening the sector’s role in both people’s lives and the sustainable development of the economy.
In an interview with Trend, Yasir Alaki, Director of the Business Development Department of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), said the organization sees strong potential to expand its activities in Azerbaijan.
Azerbaijan has been a member of ICIEC since 2020, and since then the institution has supported projects in the financial and industrial sectors in the country.
Alaki said ICIEC has insured around $120 million worth of transactions in Azerbaijan to date, including trade and investment operations, adding that this figure remains modest relative to potential market opportunities.
He said the organization plans to deepen cooperation with local banks, support export financing, and help attract additional investment into Azerbaijan.
