Azerbaijan, Turkey eye co-op in insurance sphere

By Azernews

By Ayya Lmahamad

Azerbaijan and Turkey have discussed bilateral cooperation in the field of insurance, Azerbaijan’s Insurers Association (AIA) has reported.

As part of a memorandum signed earlier between the AIA and Turkey’s Insurance Association, AIA’s representatives have paid a working visit to Turkey.

During the visit, AIA’s delegation and executive director Elmar Mirsalayev met various Turkish insurance companies and organizations. He familiarized himself with the experience of insurance in Turkey.

Moreover, as part of the visit, a meeting was held with the leadership of Turkey’s Insurance Association. The parties discussed the formation of relations between the two countries in the insurance field.

Association’s Chairman Atilla Benli invited, as a guest of honor, the AIA leadership to the traditional “Insurance Week” to be held in Istanbul in 2022.

A meeting was also held with the leadership of the Turkish Insurance Institute, which organizes mass training sessions to improve the human resources of local insurance market participants, as well as to increase the knowledge and skills of insurers. It was decided to identify areas for new training, which will be organized at the next stage in accordance with the needs of the local market.

The visit also included meetings with insurance companies operating in Turkey in the field of life insurance, non-life insurance, and reinsurance. During these meetings, AIA’s representatives were provided with information on current trends and tendencies in the insurance market of the brotherly country.

As a result of meetings with companies, an agreement was reached to organize Zoom meetings and webinars with Turkish insurance specialists working in relevant fields in Azerbaijan in order to exchange experience and information.

It was noted that such visits and events, organized to study the world experience and its application in the local market, will be continued at the next stage.

Earlier it was reported that a memorandum of understanding was signed between the AIA and Turkey’s Insurance Association on December 21, 2020.

Azerbaijan and Turkey cooperate in various fields of economy and have jointly completed giant energy and infrastructure projects such as Baku-Tbilisi-Ceyhan, Baku-Tbilisi-Kars, and TANAP.

In the first nine months of 2021, the trade turnover between Azerbaijan and Turkey amounted to $3.2 billion. The trade turnover between the two countries amounted to $4.1 billion in 2020.

The two countries set up a goal to bring the mutual trade turnover to $15 billion in 2023. It should be noted that so far, Turkey is Azerbaijan’s second-largest investor followed by the UK.

Additionally, Turkey was one of the first countries that expressed its interest and readiness to participate in the restoration of Azerbaijan’s liberated territories.