Insurance culture is an integral part of the financial literacy of the population and is considered as a method of managing the risks of individual consumers from the point of view of insurance. At the same time, insurance culture combines: knowledge about the insurance itself, legal literacy in the field of insurance, trust in those who provide insurance products, mutual relations between policyholders and insured, development strategies and development directions of individual insurance companies, which together are the objects of studying insurance culture. The article examines insurance culture as an important factor in the development of the insurance market in the Republic of Azerbaijan. Here, various approaches to the concept of "insurance culture", the basic principles of studying insurance culture and the basis for assessing the development of insurance culture are shown. Insurance companies, as entrepreneurial structures, are interested in the development of the insurance market, since their main goal is to make a profit. At the same time, the main points of the development of insurance culture are the use of insurance services by policyholders not only as a means of protecting them from unpleasant events (in many cases, psychological protection such as “this will not happen to me”), but also as a means of protecting the budget and optimizing invisible costs of the future period. The article identifies the objects of study of insurance culture as a factor in the development of the insurance market, approaches to insurance culture, factors affecting the development of insurance culture, objects of study, and indicators for assessing the development of insurance culture. The article uses the dialectical method and the method of systematic analysis.
insurance, insurance culture, insurance market development factors, financial literacy, development strategy, insured satisfaction