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.