BAKU, Azerbaijan, June 25. There is significant potential to expand cooperation in the insurance sector among Turkic states, including Azerbaijan and the Turkish Republic of Northern Cyprus, particularly in technological infrastructure, reinsurance, and risk-sharing mechanisms, Börte Kağan Barlasoğlu, President of the Insurance and Reinsurance Companies Association of Northern Cyprus, told Trend on the sidelines of the 11th Azerbaijan International Insurance Forum in Baku.
According to him, such cooperation could develop not only on a bilateral basis but also within a broader framework covering all Turkic states.
“First of all, cooperation can be established in technological infrastructure among Azerbaijan, Türkiye, the Turkish Republic of Northern Cyprus, and other Turkic states. Joint work is also possible in reinsurance and risk-sharing mechanisms. I believe this cooperation can eventually encompass the entire Turkic world,” he said.
Barlasoğlu emphasized that Azerbaijan holds an important position in the development of the insurance sector across the Turkic world.
“We see that Azerbaijan is the second-largest market after Türkiye among Turkic states and has some of the most advanced technological capabilities. The mutual sharing of these capabilities and experience could contribute to the development of the insurance sector across the region,” he noted.
He added that although the Turkish Republic of Northern Cyprus is a small country, it has a well-developed insurance sector and is ready to share its experience with other Turkic states.
“As the Turkish Republic of Northern Cyprus, we have a fairly developed insurance sector. We are ready to share our knowledge and experience with our partners in the Turkic world. There are also opportunities for cooperation in actuarial science and insurance education. Our universities offer programs in these fields, and by leveraging this potential, we can jointly contribute to training professional personnel for the Turkic world,” he said.
Speaking about his expectations from the forum, Barlasoğlu noted that such international platforms are of particular importance for Northern Cyprus.
“This is a very successful and useful platform. It is extremely important for us to participate. Northern Cyprus faces various restrictions on the international stage. Participating in such events, learning from the experience of other countries, and building connections are very important for us,” he added.
According to him, the forum also provides an opportunity to study more developed insurance markets and apply those practices in Northern Cyprus.
“Here we can observe and learn how more advanced insurance sectors operate and identify new opportunities for developing our own market. In this regard, the forum is very valuable for us,” he concluded.
