According to him, the participation of well-known insurance specialists from more than 20 countries in the forum creates broad opportunities for the local market to benefit from international experience. Miskarli pointed out that the forum allows not only Azerbaijan to benefit from international experience, but also to share the country's achievements in the insurance sector with other countries. The executive director added that the continuous innovations carried out in Azerbaijan's insurance legislation also arouse the interest of foreign partners. He also highlighted that several important innovations will be implemented in the insurance sector in the near future.
"As noted in the speeches made within the framework of the forum, a number of changes are planned to be made to the insurance legislation. Some of these changes will cover the activities of insurance intermediaries", he explained.
According to Miskarli, work is also underway to improve compulsory property insurance for individuals. "The modernization of compulsory property insurance is envisaged. The goal is to ensure more reliable protection of citizens, especially from catastrophic risks. Based on the current approach, it's expected that these innovations won't lead to a growth in insurance premiums nor create an additional financial burden for the population. On the contrary, citizens will receive broader insurance coverage", he said.
There is significant potential to expand cooperation in the insurance sector among Turkic states, including Azerbaijan and the Turkish Republic of Northern Cyprus, particularly in technological infrastructure, reinsurance, and risk-sharing mechanisms, as Börte Kağan Barlasoğlu, President of the Insurance and Reinsurance Companies Association of Northern Cyprus, said on the sidelines of the forum.
According to him, such cooperation could develop not only on a bilateral basis but also within a broader framework covering all Turkic states.
Barlasoğlu emphasized that Azerbaijan holds an important position in the development of the insurance sector across the Turkic world. “We see that Azerbaijan is the second-largest market after Türkiye among Turkic states and has some of the most advanced technological capabilities. The mutual sharing of these capabilities and experience could contribute to the development of the insurance sector across the region”, he noted.
He added that although the Turkish Republic of Northern Cyprus is a small country, it has a well-developed insurance sector and is ready to share its experience with other Turkic states.
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 forum.
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. "Azerbaijan has significant opportunities to increase insurance penetration, and the goal is to fully realize this potential", 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.
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