Participants in the 2nd Assembly of the Union of Turkic World Insurers, which opened today in Gaziantep, Türkiye, have discussed the possibility of establishing a joint reinsurance pool.
According to Report, citing the Azerbaijan Insurers Association (AIA), the event brings together heads of insurance sector regulators, insurance associations and representatives of the insurance markets of Azerbaijan, Türkiye, Uzbekistan, Kyrgyzstan and Northern Cyprus.
The assembly, organized by the Insurance Association of Türkiye, aims to expand insurance cooperation among Turkic world countries, harmonize regulatory mechanisms and strengthen resilience to global risks.
The official opening ceremony featured speeches by Ahmet Yaşar, chairman of the Insurance Association of Türkiye; Ulviya Jabbarova, chair of the Supervisory Board of the Azerbaijan Insurers Association and chair of the Union of Turkic World Insurers; Davut Menteş, head of Türkiye's Insurance and Private Pension Regulation and Supervision Authority; and Fatma Şahin, mayor of Gaziantep.
The assembly included a discussion titled "The Turkic World Amid New Global Risks: Harmonization of Insurance Regulation, Resilience and a Common Future." The panel brought together representatives of insurance supervisory authorities from Azerbaijan, Türkiye, Uzbekistan, Kyrgyzstan and Northern Cyprus.
Another panel, titled "The Turkic World Insurance Market Towards 2030: Shared Risks, Shared Potential, Shared Future," focused on the sector's development prospects, with representatives of insurance associations and professional market organizations from participating countries taking part.
The discussions also covered ways to intensify the exchange of expertise and joint activities among Turkic world countries in the coming years, as well as the development of joint insurance products.
Participants also held extensive discussions on the possibility of establishing a common reinsurance pool for Turkic world countries. Such a mechanism could help distribute risks, strengthen insurance coverage and deepen cooperation among the insurance markets of member countries.
Azerbaijan is represented at the assembly by Vusal Gurbanov, director general of the Central Bank of Azerbaijan; Abbas Miskarli, executive director of the Azerbaijan Insurers Association; and other representatives.
The event's agenda includes a vote to elect a new chair and secretary-general of the Union of Turkic World Insurers, as well as the selection of the host country for the union's third assembly.
The first assembly of the Union of Turkic World Insurers was held in Shusha.
Holding the assembly in Gaziantep carries particular significance. The devastating earthquake that struck the region in 2023 once again highlighted the scale of natural disaster risks and the importance of insurance mechanisms. In this regard, the event aims to emphasize to Turkic world countries the importance of cooperation in risk management, expanding insurance coverage and preparing for potential natural disasters.