15 September 2025, Baku: The Turkic World Insurance Union (TWIU) convened its first-ever assembly, supported by the Central Bank of the Republic of Azerbaijan, organized by Azerbaijan Insurers Association, and participated by the Organization of Turkic States (OTS), in Shusha on September 14.

Opening the assembly, Aliyar Mammadyarov, First Deputy Governor of the Central Bank, hailed the event as a turning point for the sector and emphasized that the meeting would provide a powerful platform for deepening cooperation among insurers in Turkic nations. Mammadyarov also highlighted reforms carried out under the Central Bank’s 2024–2026 Financial Sector Development Strategy, including the introduction of new corporate governance standards, expanded bank–insurance partnerships, and significant progress in digitalizing insurance services. He stressed the importance of regional cooperation in confronting global challenges and strengthening the sector’s resilience.

The assembly featured a panel discussion with leading regulators. Vusal Gurbanov, Executive Director of the Central Bank, outlined recent regulatory reforms and upcoming measures aimed at improving supervision of the insurance market. He emphasized the need to build a sustainable insurance system capable to ensure high-quality insurance services and reduce the fiscal burden on the state by transferring catastrophic risks to the insurance sector. The Executive Director expressed confidence that broader consumer access to insurance products, high corporate governance standards, and transparent communication with the public would help strengthen trust in the sector.

The event concluded with the signing of a ‘Proclamation Document’ formalizing the reorganization of the TWIU in line with OTS principles.

Participants included financial regulators and insurance associations from Azerbaijan, Kazakhstan, Kyrgyzstan, Türkiye, Uzbekistan, Hungary, Turkmenistan, and the Turkish Republic of Northern Cyprus and the Organization of Turkic States.

Founded in 2022 at the International Insurance Summit in Istanbul, the TWIU was established through a joint initiative of the insurance associations of Azerbaijan and Türkiye. The founding members include Azerbaijan, Kazakhstan, Kyrgyzstan, Türkiye, and Uzbekistan, with Hungary, Turkmenistan, and the Turkish Republic of Northern Cyprus later joining as observers.

This first assembly in Shusha was organized in accordance with the union’s official road map.

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