Azerbaijani insurance firms unlikely to enter Kazakh market in near future – EXCLUSIVE

Over the next five years, it appears unlikely that Azerbaijani insurance companies will operate in Kazakhstan's market, Vitaly Verevkin, Chairman of the Kazakhstan Insurers Association, told Report.

"We have a very strong regulatory authority and strict capital requirements. Not only is an insurance company's own capital examined, but also the capital of any affiliated companies. That's why, for now, it's difficult to establish cooperation in this direction," he said.

Verevkin also pointed out that Azerbaijani companies can open insurance firms in Kazakhstan, but the process involves complex procedures: "The main requirement is capital transparency. Every manat, every gapik must be accounted for. This process can take years. But if there's interest-why not?"

The chairman noted that Kazakh insurance companies are closely following Azerbaijan's experience, especially in the application of new technologies in digitalization and automation: "We can exchange experience with insurance companies in terms of informatization and implementing non-standard, innovative solutions in the market. In particular, we want to see how new technologies are being integrated into insurance. It's possible that a solution we lack-but need-already exists in Azerbaijan."

The official also highlighted the concept of a unified international insurance company model: "If we're talking about a large insurance company operating beyond national borders, this would only be possible through a special agreement between our countries. Everything depends on the will of the parties and political decisions. If there's interest, the model can work."