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.