The Turkic World Insurance Union (TWIU) has been officially launched with its first general assembly meeting held in Shusha, the cultural capital of Azerbaijan. The association is founded by Azerbaijan, Turkey, Kazakhstan, Uzbekistan, and Kyrgyzstan.
Hungary, Turkmenistan, and the Turkish Republic of Northern Cyprus joined the Union with observer status.
TWIU’s objectives include sharing knowledge and expertise among member countries, personnel exchange, creation of joint insurance and reinsurance pools, digitalisation and technology transfer through cooperation in disaster and agricultural insurance. TWIU is more than just a symbolic step, but a strategic union with concrete goals that will guide regional insurance.
Mr Davut Mentes, chairman of Turkiye’s Insurance and Private Pension Regulation and Supervision Agency (SEDDK), who spoke at the general assembly held on 14 September, said, “We have full confidence that we will build a stronger, more transparent, and more sustainable insurance and pension ecosystem in the Turkic world through shared goals and a spirit of cooperation. Turkiye is ready to share its experience in natural disaster insurance, agricultural insurance, private pensions, and digitalisation. We know that strong financial structures are not achieved solely through the shared gains of a single country, but also through the combined efforts of countries working together.”
A speech by the secretary-general of the Organisation of Turkic States (TDT), Ambassador Kubanychbek Omuraliyev, at the general assembly was presented by the TDT project manager, Farid Mammadov. Mr Omuraliyev emphasised that the TWIU is a vital platform for developing cooperation in insurance and reinsurance, strengthening regulatory and technical cooperation, and modernising practices among Turkic States.
As part of the general assembly, a declaration was signed establishing the TWIU based on the objectives and principles of the Organisation of Turkic States (TDT).
The inauguration event brought together insurance industry leaders and senior government officials, including the heads of financial regulatory institutions, from TDT member and observer states. Founding members and observers from Azerbaijan, Kazakhstan, Kyrgyzstan, Turkey, Uzbekistan, Hungary, Turkmenistan, and the Turkish Republic of Northern Cyprus also participated in a panel discussion on market development and cross-border cooperation.