Central Bank of the Republic of Azerbaijan supports first Turkic World Insurance Union assembly in Shusha as members sign proclamation to align the union with Organization of Turkic States principles

The Central Bank of the Republic of Azerbaijan supported and participated in the first assembly of the Turkic World Insurance Union, held in Shusha and organised by the Azerbaijan Insurers Association with participation from the Organization of Turkic States. The meeting concluded with insurance associations signing a proclamation to re-form the union in line with the Organization of Turkic States’ principles. In remarks delivered during the event, the central bank’s First Deputy Governor Aliyar Mammadyarov linked sector developments to the “2024–2026 Financial Sector Development Strategy”, referencing the introduction of new corporate governance standards for insurers, expanded bank–insurance cooperation, and progress in the digitalisation of insurance services. In a regulators’ panel, Director General Vusal Gurbanov outlined ongoing reforms and planned work to improve the regulatory framework, and highlighted policy objectives including building a sustainable insurance system, transferring catastrophic risks to the insurance sector to reduce the state’s fiscal burden, broadening consumer access to insurance products, and strengthening transparency in public communication. The Turkic World Insurance Union was established in 2022 by the insurance associations of Azerbaijan, Kazakhstan, Kyrgyzstan, Türkiye and Uzbekistan, with Hungary, Turkmenistan and the Turkish Republic of Northern Cyprus participating as observer associations.