The event was held with the strategic support of the Central Bank of Azerbaijan, the organization of the Association of Insurers of Azerbaijan and the participation of the Organization of Turkic States and brought together insurers of the Turkic world in a broad format for the first time.
It is reported that representatives of financial regulators and insurance associations from Azerbaijan, Kazakhstan, Kyrgyzstan, Türkiye, Uzbekistan and the Turkish Republic of Northern Cyprus took part in the assembly. The discussions were organized within two panels entitled “Approaches to regulation in the insurance industry of the Turkic world” and “Insurance union of the Turkic world: future goals and prospects”.
During the event, insurers of the Turkic states signed a joint “Proclamation Document”. According to the signed document, the Union of Insurance Companies of the Turkic World was reorganized based on the goals and principles of the Organization of Turkic States. Thus, in addition to the five founding members, insurance associations of three countries (Hungary, Turkmenistan and the Turkish Republic of Northern Cyprus) joined the Union as observer organizations.
The main goal of the Association of Insurers of the Turkic World is to establish a mutual exchange of experience, personnel and information between the insurance markets of the member countries and observer countries of the Organization of Turkic States, the systematic formation of reinsurance relations, and the achievement of sustainable and stable development in the insurance markets of fraternal countries, the source added.
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