According to the State Program, the first step will be creation and development of the microinsurance market. Next, an assessment of the microinsurance market’s development potential will be conducted, and incentive measures will be identified. Following this, the process of defining regulatory and licensing requirements will be carried out.
During the implementation of the project, it is planned to involve the Azerbaijan Insurance Association (AIA) in the process. The State Program designates the Central Bank of Azerbaijan (CBA) as the main implementing agency for the initiative.
Based on the State Program, Azerbaijan will also carry out preparatory work to introduce an open insurance model and establish a legal framework in this area by 2030. The implementation of measures to introduce an open insurance model is planned for 2027–2029. It is also planned to involve the AIA in the process during the project’s implementation.
The document notes that, in the initial stage, the readiness of financial institutions to implement the model will be assessed. In the next stage, the necessary legal framework for the implementation of the open insurance model will be established. The State Program designates the CBA as the primary implementing body for the measures. According to the expected results, it is planned that at least 50% of insurance companies operating in the country will adopt the open insurance model under the program.
By 2030, the per capita insurance premium in Azerbaijan is planned to increase to AZN 220 (USD 129.4), which is also reflected in the State Program. According to the document, in 2025, this figure stood at AZN 147 (USD 86.4). In addition, the document outlines plans to increase the total number of unique policyholders in the country (life and non-life insurance) to 32% of the adult population by 2030. Last year, this figure stood at 25%, the source said.
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