BAKU, Azerbaijan, June 24. The success of the Trans-Caspian Energy Corridor and the Black Sea Energy Interconnector will depend not only on the start of electricity supplies, but also on investor confidence and effective risk management, according to an industry expert, Trend’s correspondent reports from the event.
Speaking at the Azerbaijan International Insurance Forum in Baku, Dmitro Gamankov, Senior Underwriter for Central and Eastern Europe and International Markets at VIG Re, said the insurance and reinsurance sector should focus on preventing risks at the early stages of project development rather than assessing losses after they occur.
He stressed the importance of reducing uncertainty around potential risks and establishing continuous risk preparedness from the outset of infrastructure projects.
Gamankov said energy corridors play a broader role beyond energy security, contributing to stronger regional ties, improved digital connectivity, and expanded cross-market cooperation.
He added that industry participants should move beyond discussions on claims and insurance exclusions and instead focus on developing risk management tools during the project preparation phase.
According to him, the Trans-Caspian and Black Sea projects should not be judged solely by the commencement of electricity transmission.
“A project is successful when trust begins to flow through the right channels, translating into investments in the right directions and at the right time,” he said, adding that this reflects the insurance and reinsurance industry’s approach to large-scale infrastructure development in the region.
