The Turkish company T-Rupt is set to embark on a project to model earthquake risks in Azerbaijan in the near future, Erdem Karabostan, the General Director of T-Rupt, told Anadolu Agency, Report informs.
According to Karabostan, the Turkish company has been actively engaging with the Azerbaijani side, participating in various events. In late May, representatives from T-Rupt took part in a conference held in Baku, jointly organized by the Central Bank and the Compulsory Insurance Bureau of Azerbaijan, focusing on the resilience of the financial system to catastrophic risks.
Karabostan emphasized the significant importance of natural disaster risk modeling technology, particularly for the insurance market. T-Rupt has developed the CATMOD catastrophic risk modeling platform, which enables insurance firms to gain insights into the market's future, considering the likelihood of disasters such as earthquakes.
The company's international cooperation priorities lie with Turkic states and Eastern European countries. Karabostan anticipates that as the practice of compulsory earthquake insurance becomes more widespread, interest in CATMOD will grow.