Turkic States Insurtech Summit kicks off in Baku with Central Bank’s strategic support

28-10-2025

28 October 2025, Baku: The international Turkic States Insurtech Summit dedicated to the development of insurance and digital technologies in the Turkic world has kicked off in Baku with the strategic support of the Central Bank of Azerbaijan.

In his opening speech, Vusal Gurbanov, Executive Director of the Central Bank, stated that insurance is a vital component of financial stability and a crucial mechanism for ensuring social well-being and confidence in the future. He emphasized that the future of insurance is shaped by both classical principles and technological innovations.

Unlike traditional insurance models, which offer standardized products, Vusal Gurbanov said that insurtechs provide insurance solutions tailored to individual needs, real-time risk assessment, and transparent services.

He also noted that the Central Bank is keeping a close eye on the entry of "insurtechs" into the Azerbaijani insurance market, as well as on the impact of regulatory sandbox regime and digital transformation on local and global markets.

Vüsal Gurbanov expressed his belief  that this event, which fosters the exchange of experience and technology, collaborative startup initiatives, and the establishment of unified information platforms among Turkic states, will initiate a new chapter in the "insurtech" landscape of the Turkic world and culminate in practical partnerships, joint projects, and new ideas.

Panah Bannayev, Director of the Insurance Regulation Department at the Central Bank, was one of the speakers at the “Regulatory Review of the Insurance Market in Turkic countries" discussion panel held during the summit. He stated that strengthening the financial sustainability of the insurance sector is one of the Central Bank's and the Turkic states' main strategic priorities. Bannayev emphasized that the Central Bank implements regulations on corporate governance, risk management, and public disclosure of information, all of which are in accordance with international standards.

The two-day summit is organized by the Turkish Ministry of Trade, the Service Exporters' Association of Türkiye, the Azerbaijan Insurers Association, and Istanbul-based New Generation Management Company.