Global InsurTech market set to reach $610B by 2034, says expert

The global insurance technology (InsurTech) market currently stands at around $35 billion, said Vusal Gasimli, chairman of the Center for Analysis of Economic Reforms and Communication (CAERC) of Azerbaijan, during the Turkic States InsurTech Summit 2025, Report informs.

According to Gasimli, the market is expected to experience rapid growth in the coming years, with projections estimating that the InsurTech sector will reach $610 billion by 2034.

"As we can see, the process is moving at a very high speed. Our time is limited. If we fail to adapt to innovations in time, we risk losing competitiveness. I would especially note that today, the creation of big data platforms and more advanced risk assessment is fundamentally changing the nature of insurance," Gasimli said.

He emphasized that Big Data, artificial intelligence, and digital platforms are elevating risk assessment, product personalization, and service efficiency in the insurance sector to entirely new levels.

"We now evaluate risks using predictive rather than retrospective models. This increases the resilience of insurance companies and allows us to offer clients more accurate pricing," he added.

Gasimli also highlighted that under the leadership of the Organization of Turkic States (OTS), the process of economic and institutional integration within the Turkic world is accelerating.

"It is very encouraging that insurance is now part of this integration. Expanding cooperation in InsurTech among Turkic states is part of the broader digital transformation and creates a qualitatively new stage in the economic relations of Turkic countries," he concluded.