Azer Amiraslanov: Azerbaijan preparing new insurance market development strategy

Azerbaijan plans to develop a new strategy that will define the next stage in the development of the national insurance market, Azer Amiraslanov, Chairman of the Milli Majlis Committee on Economic Policy, Industry and Entrepreneurship, said at the 11th Azerbaijan International Insurance Forum (AIIF 2026), according to Report.

"Today, the insurance market is undoubtedly showing signs of growth. However, setting future goals remains an even more important issue. There is a clear vision, a well-defined approach, and an existing strategy, while a new strategy is expected to be formulated for the next stage. In essence, it will serve as a roadmap for the development of the entire sector," the MP said.

Amiraslanov noted that it is essential to take into account the specifics of the modern insurance system and emphasized the continued need for comprehensive public awareness and educational efforts.

"Although the transition to a market economy took place some 30 to 36 years ago, there is still a strong need to explain how the market functions, as well as the importance and value of insurance. We must frankly acknowledge that many business owners and even ordinary citizens still view insurance costs as an unnecessary expense. At the same time, it should be understood that these are resources allocated for risk management.

It is also important to recognize that insurance is not merely a choice but an objective necessity. Funds and resources spent on insurance should also be regarded as an investment in the future, in sustainable development, and in long-term stability," Amiraslanov added.