BAKU, Azerbaijan, August 31. The number of foreign participants in Azerbaijan’s insurance market continues to grow. The Central Bank of Azerbaijan (CBA) has added two more foreign insurance brokers to the registry of foreign insurers, reinsurers and insurance brokers.
According to the CBA, the newly registered companies are Kazakhstan-based “Verny Insurance Broker” and the United Arab Emirates-based “SHIELDS Reinsurance Brokers Limited.”
“Verny Insurance Broker” was added to the registry on August 24, 2026, while “SHIELDS Reinsurance Brokers Limited” was registered on August 26, 2026.
With the additions, the number of foreign insurance brokers authorized to operate in Azerbaijan has risen to 103.
The Central Bank, acting under the Law on Insurance Activity, is responsible for state regulation and supervision of the insurance sector and maintains a unified registry of professional participants in the insurance market.
The development of the insurance market and the growing presence of foreign participants were also highlighted at the 11th Azerbaijan International Insurance Forum (AIIF-2026), held in Baku.
Ulviyya Jabbarova, chairwoman of the Supervisory Board of the Azerbaijan Insurers Association, said during the forum that Azerbaijan’s insurance market has nearly doubled in size over the past four years.
“Despite the results achieved, there is significant potential for further market growth. There are broad opportunities to increase insurance coverage in Azerbaijan, and the goal is to fully realize this potential,” she said.
According to Jabbarova, the main objective is not only to increase market indicators, but also to make insurance a more accessible financial instrument for individuals and businesses and strengthen its contribution to economic resilience.
Among the international institutions showing interest in the Azerbaijani market is the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
Yasir Alaki, director of the Business Development Department at ICIEC, told Trend that the organization highly values Azerbaijan’s insurance and investment opportunities and intends to expand its operations in the country.
“To date, we have provided insurance coverage for approximately $120 million in transactions in Azerbaijan, including trade and investments. We believe this is still a relatively small figure and that there is significant potential to expand our services in the country,” Yasir Alaki said.
He added that ICIEC plans to continue working to expand cooperation with local banks, support export financing and contribute to attracting new investments to Azerbaijan.
