Ahmet Yasar: Turkish insurers can return to Azerbaijani market

Turkish insurance companies may potentially resume their activities in the Azerbaijani market, Chairman of the Insurance Association of Türkiye, Ahmet Yasar, told Report.

He recalled that at one time Turkish insurers were shareholders of such companies in Azerbaijan as Günay Anadolu Sigorta, Basak Inam Sigorta, and AXA MBask: "The main participants of Azerbaijan's insurance market remain local companies. Nevertheless, I believe that in the upcoming period, the interest of foreigners in this market will increase again. The expansion of cooperation within the Insurance Association of the Turkic World, closer familiarization of markets with each other, and the reduction of uncertainties will increase the interest of Turkish investors in Azerbaijan's insurance sector."

Yasar added that in Türkiye, for many years, local investors did not show particular interest in establishing insurance companies: "However, in recent years, we have observed a growing interest in this field. The same trend is observed in Northern Cyprus, where the number of insurance companies is increasing. In this regard, we highly assess the likelihood that investors from Türkiye and Northern Cyprus will direct investments into insurance in Azerbaijan in the future."