Ulviya Jabbarova: Azerbaijan has significant potential to increase insurance penetration

Azerbaijan has considerable potential to increase insurance penetration, Ulviya Jabbarova, Chairwoman of the Supervisory Board of the Azerbaijan Insurers Association (ASA), said at 11th Azerbaijan International Insurance Forum (AIIF 2026), according to Report.

"Azerbaijan has significant potential to expand insurance penetration, and our goal is to fully realize these opportunities. At the same time, our priority is not only quantitative growth. The key objective is to ensure that insurance plays a greater role in the daily lives of citizens and makes an even more substantial contribution to the sustainable development of society and the economy.

In a rapidly changing world, risks are increasing, expectations are evolving, and the importance of insurance is greater than ever before," Jabbarova emphasized.

According to the Chairwoman of the Supervisory Board of the Azerbaijan Insurers Association, insurance today is no longer merely a tool for compensating losses. It enables people to plan for the future with greater confidence, provides financial protection for families, and strengthens the resilience of businesses against unforeseen risks.

"Across the global insurance market, discussions are increasingly focused on evolving risks and new solutions designed to address them. In recent years, the growing intensity of natural disasters, the spread of cyber threats, and demographic aging have created new challenges for the insurance industry. These developments require us to be more flexible, develop innovative products, and adapt more quickly to changing customer needs.

To address these priorities, the State Program on Expanding Financial Inclusion for 2027–2030 identifies greater accessibility of insurance services, the introduction of digital solutions, the development of voluntary insurance, and broader access to financial services as key objectives for the coming years. I believe this document is not merely a government program, but an important roadmap for the future development of the insurance market.

I would also like to emphasize that achieving these goals is a shared responsibility not only of state institutions but of all market participants. I am confident that through cooperation and synergy, we will be able to accelerate the development of the insurance sector even further," Jabbarova added.