A B S T R A C T

The purpose of the research is to systematically identify the economic, institutional, and structural factors influencing the formation of a competitive environment in the insurance market of Azerbaijan, to examine the key problems hindering the enhancement of the competitiveness of insurance companies, as well as to develop scientifically grounded proposals and recommendations aimed at ensuring the efficient, transparent, and sustainable development of the insurance market based on a comparative analysis of international experience.

The methodology of the research – the study employs a systematic and integrated approach using generalization, economic and statistical analysis, comparative analysis, and logical synthesis methods.

The practical importance of the research – the proposed recommendations and suggestions may be applied in the formulation of insurance market development strategies aimed at deepening the competitive environment and ensuring long-term financial sustainability, in managerial decision-making processes focused on strengthening the market positions of insurance companies, as well as in improving the quality and accessibility of insurance services.

The results of the research – the research scientifically substantiates the necessity of expanding the application of digital technologies, diversifying insurance products, improving risk management systems, and enhancing the effectiveness of the regulatory environment in order to strengthen competition in the insurance market. The implementation of the proposed measures may contribute to increasing the functional efficiency and institutional sustainability of the insurance market.

The originality and scientific novelty of the research – for the first time, the enhancement of the competitiveness of the insurance market in Azerbaijan has been analyzed through a comprehensive approach from the perspectives of institutional, technological, and market mechanisms. The factors influencing the formation of competitiveness have been systematized and presented in the form of a conceptual framework.

Keywords: insurance market, competitiveness, insurance companies, insurance market regulation, digitalization, market infrastructure, financial sustainability.

http://doi.org/10.59610/bbu1.2026.1.5.