Azerbaijani and Turkish insurers start official cooperation

The Azerbaijan Insurers Association (AIA) has officially started cooperation with the Insurance Association of Turkey, a regulatory body in the insurance sector.

According to Report, the two institutions signed a memorandum in this regard.

According to the memorandum, the parties agreed to establish bilateral relations, exchange personnel and experience in insurance, use the Turkish experience in shaping a new product strategy in the Azerbaijani insurance market and take steps to apply the Turkish reinsurance experience in Azerbaijan.

One of the projects to be implemented within the framework of bilateral cooperation and joint activities is implementing a collaborative insurance forum of the Turkic world in the post-pandemic period at these two institutions' initiative and organization.

The Insurance Association of Turkey has been operating since 1900. The organization has 39 non-life insurance, 21 life insurance, and three reinsurance companies operating in the neighboring country.