Baku: Business reforms may remain incomplete without a modern insurance system, said Azer Amiraslanov, Chairman of the Economic Policy, Industry and Entrepreneurship Committee of the Milli Majlis, at the 11th Azerbaijan International Insurance Forum (AIIF-2026) held in Baku.

According to Azeri-Press News Agency, Amiraslanov emphasized that the development of the insurance market plays a crucial role in the country's economic growth and the enhancement of the investment climate. Important steps have been taken in recent years in Azerbaijan to improve the business environment, remove administrative barriers, and reduce state intervention and regulatory burdens.

Azer Amiraslanov stated that without the development of a modern insurance system, it is impossible to fully realize the effects of reforms carried out in this field. He described the insurance system as a key complementary element in improving the business environment.

The committee chairman highlighted the mutual relationship between economic growth and the insurance market's development. As the economy progresses, the insurance market expands, and the development of the insurance system further contributes to economic growth. When entrepreneurs, business entities, and citizens feel more secure, it creates favorable conditions for increased investment activity and economic development.

Azer Amiraslanov concluded by stating that the main purpose of the insurance system is not to eliminate risks entirely but to ensure their effective management.