Central Bank of the Republic of Azerbaijan backs launch of the Turkic States Insurtech Summit and flags regulatory focus on insurtech

The Central Bank of the Republic of Azerbaijan provided strategic support for the launch of the Turkic States Insurtech Summit in Baku, using the event to underline its focus on insurtech adoption, potential special regulatory regimes and the impact of digital transformation on Azerbaijan’s insurance market. In opening remarks, Director General Vusal Gurbanov described insurance as both a pillar of financial stability and a mechanism supporting social welfare, and argued that the sector’s future will be shaped by technology-led innovation. He said insurtech firms can deliver more personalised insurance solutions, real-time risk assessment and more transparent services than traditional standardised models. In a panel on regulatory developments in Turkic countries, Penah Bənnayev, Director of the Insurance Activity Regulation Department, highlighted strengthening the financial sustainability of the insurance sector as a shared strategic priority and noted that the central bank’s rules on corporate governance, risk management and public disclosure are aligned with international standards. The summit runs for two days and is organised by Türkiye’s Ministry of Trade in cooperation with the Service Exporters’ Association of Türkiye, the Azerbaijan Insurers Association and New Generation Management Company.