16:00 - 28.10.2025

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October 28, Fineko/abc.az. Currently, the global insurance technology (InsurTech) market is approx. $35 bn.

ABC.AZ informs that the chair of the Center for Analysis of Economic Reforms & Communications (CAERC), Vusal Gasimli, made this statement during his speech at the Insurtech Summit of the Turkic World - 2025, held in Baku.

He pointed out that this market is expected to develop dynamically in the coming years, and by 2034, the InsurTech sector will reach $610 bn: "As you can see, the process is going very fast. We don't have much time. If we fail to adapt to innovation in time, we risk losing out in the competition. In particular, I’d like to note that today the creation of a database of Big Data and transition to a higher level of risk assessment are fundamentally changing the essence of insurance," Gasimli said.