Kazakhstan may benefit from Azerbaijan's experience in modeling natural disaster risks

Kazakhstan is interested in exploring and applying Azerbaijan's experience in modeling natural disaster risks, said Meruert Bayetova, Head of the Insurance Organizations Inspection Department at the Agency for Regulation and Development of the Financial Market of Kazakhstan, in an interview with Report.

According to her, Kazakhstan is currently working on the insurance of catastrophe risks:

"That is why it would be very useful for us to learn and apply Azerbaijan's experience in this field," she noted.

Bayetova stated that there are no restrictions on cooperation between Azerbaijan and Kazakhstan in the insurance market, and companies from both countries can operate jointly:

"In Kazakhstan, initiatives have already been implemented that allow foreign companies to open representative offices. Therefore, Azerbaijani insurance companies also have the opportunity to enter our market. Both countries have regulatory bodies, so there's no need to impose excessive requirements on either side. In case of any issues, we can always reach out to the Azerbaijani regulator."

She also highlighted that cooperation potential extends beyond direct insurance and includes the reinsurance sector:

"Companies may be interested not only in taking on risks but also in transferring them."

The agency official added that the use of artificial intelligence technologies is one of the key topics on the agenda:

"Many countries are already taking steps in this direction. We have formed a professional team in Kazakhstan, but experience sharing is always valuable. The purpose of such summits is to learn from each other. We are open to dialogue."