Azerbaijan tests earthquake risk insurance model

Azerbaijan is currently testing a model for earthquake risk insurance, the Central Bank of Azerbaijan (CBA) announced.

CBA CEO Vusal Gurbanov made the statement while speaking at the first Assembly of the Turkic World Insurance Union in Shusha, Caliber.Az reports, citing local media.

Gurbanov noted that establishing an effective earthquake insurance mechanism requires seismic maps and risk models.

“In this area, we are cooperating with Türkiye. Based on a model already in use there, a specialised version has been developed for Azerbaijan and is now undergoing testing. The model will allow us to assess the economic and material impacts of potential earthquakes in Azerbaijan and provide a more accurate evaluation of risks for both the state and insurance companies,” he said.

By Khagan Isayev