Elmar Mirsalayev: Azerbaijan's insurance market expected to grow at least 10%

Azerbaijan's insurance sector is forecast to expand by at least 10% this year, according to Elmar Mirsalayev, Executive Director of the Azerbaijan Insurers Association.

Mirsalayev noted that the sector has shown steady growth and stability in recent years, a trend expected to continue.

"According to the Socio-Economic Development Strategy 2022–2026 and Azerbaijan 2030: National Priorities for Socio-Economic Development, approved by the President, the minimum target for the insurance market is 10%, and the industry has consistently exceeded this benchmark for the past five years," he said.

The executive director added that growth reflects both a rising customer base and increased public trust in insurance as a risk-management tool. "A strong insurance sector means a strong economy, and a strong economy means a strong Azerbaijan," he said.

In 2025, Azerbaijani insurers collected AZN 1.504 billion in premiums, up 11.2% from 2024, while payouts totaled AZN 920.4 million, a 22.3% increase year-on-year.