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.