Vusal Qasimli, Executive Director of the Center for Analysis of Economic Reforms and Communication (CAERC), delivered a speech at the opening ceremony of the XI Azerbaijan International Insurance Forum (AIIF-2026) held in Baku.

Speaking at the forum, which was conducted with the strategic support of the Central Bank of Azerbaijan and organized by the "Azerbaijan Insurers Association" (ASA) Public Union, Vusal Qasimli stated that the topics on the event's agenda - such as private pension systems, reinsurance and natural disaster risks, life and health insurance, professional education, and insurance brokerage - cover strategic directions shaping the future of the sector. He emphasized that discussing these topics jointly with international experts carries special significance both for learning advanced practices and for the sustainable development of the Azerbaijani insurance market.

The Executive Director noted that consecutive economic reforms implemented in the Republic of Azerbaijan, particularly the approval of the "State Program on Expanding Financial Inclusion in the Republic of Azerbaijan for 2027–2030," have boosted the modernization of the financial sector, accelerated digitalization, and stimulated the application of innovative financial solutions, while opening new perspectives for a more resilient and inclusive development of the insurance market.

V. Qasimli stressed that the dynamics demonstrated by the Azerbaijani insurance market in recent years clearly indicate that the sector possesses substantial development potential. According to him, between 2022 and 2025, the insurance premiums collected in the country rose from 971 million manats to 1.5 billion manats, increasing by approximately 55%. During the same period, the volume of insurance payouts reached 921 million manats from 433 million manats, growing more than twofold.

During the speech, it was stated that per capita insurance premiums rose from 95 manats in 2022 to 147 manats in 2025, while insurance penetration reached 1.17% from 0.73%. Furthermore, while the return on assets (ROA) in life insurance companies remained stable at around 8%, this indicator rose from 4% to 7% in non-life insurance companies.

The Executive Director brought to attention that in 2025, the share of unique insurance policyholders among the adult population stood at 25%. Within the framework of the "State Program on Expanding Financial Inclusion in the Republic of Azerbaijan for 2027–2030," this indicator is targeted to reach 32%.

Vusal Qasimli noted that changing investment behaviors on a global scale, the widespread application of technological solutions, and the formation of more agile approaches in risk management are accelerating the insurance sector's transition to a new development model. He stated that institutional reforms and strategic state programs implemented in our country create a solid foundation for modernizing the insurance market and expanding its scope.

It should be noted that the two-day XI Azerbaijan International Insurance Forum features the participation of representatives from state entities, heads of insurance and reinsurance companies, representatives of brokerage organizations, international experts, and financial sector professionals from more than 20 countries.