Insurance one of the main part of the economy. It plays great role in every country’s economy. When we speak about insurance we understand people’s assets and health which under guarantee. For this reason, the existence of insurance system is very necessary. Demand to insurance is very high in countries like USA, Switzerland France and England. But in contrast to developed countries, insurance is new sphere in Azerbaijan. Therefore, the insurance system in Azerbaijan is not developed yet. Factors, as the lack of people's trust in insurance, failure to take the necessary measures, the existence of a monopoly in this field, poor quality insurance services prevent the development of the insurance system in Azerbaijan. But in modern period some reforms have been done in insurance field in Azerbaijan. For example we can show measures such as applying of compulsory property insurance, modifying insurance tariffs, making concessions to insurance companies. These measures will accelerate the development of insurance system in Azerbaijan in near future.
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