The Azerbaijan Insurers Association (AIA) and the Union of Insurance and Reinsurance Companies of Northern Cyprus signed a memorandum on insurance, Trend reports.

According to AIA, the memorandum outlines areas of cooperation, including staff, experience, and information exchange; development of new joint insurance products; as well as establishment of reinsurance connections between the two countries.

Participation of the Union of Insurance and Reinsurance Companies of Northern Cyprus in organizing the 1st Assembly of the Insurance Union of the Turkic World (TDSB), which will be held in Azerbaijani Shusha city, stands out among the joint initiatives.

It is noted that the number of countries with which Azerbaijan collaborates in the insurance sector has reached nine.