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.