Soforoglu: Reforms in Northern Cyprus open up opportunities for co-op with Azerbaijan

Reforms in Northern Cyprus are opening up new opportunities for insurance cooperation with Azerbaijan, Burak Soforoglu, advisor at the Ministry of Finance of the Turkish Republic of Northern Cyprus, said at the InsurTech-2025 Turkic States Insurance Technology Summit in Baku, Report informs.

He stated that reforms implemented in Northern Cyprus in both the banking and insurance sectors are creating new prospects for cooperation between Turkic states, including Azerbaijan: "Our experience shows that insurance is not only a financial product, but also a mechanism for building public trust."

Soforoglu noted that in 2024, insurance premiums in Northern Cyprus increased by 87% to 4.2 billion liras ($100.088 million), while life insurance premiums increased by 42% to 485 million liras ($11.557 million).

"The sector's capital increased by 96% over the year. These figures increase the opportunities for integration into the development of the insurance market both in the region and in Azerbaijan," he said.

According to him, with the adoption of the new legislative amendment, minimum capital requirements for companies have been strengthened, and the arbitration mechanism has been simplified: "This is an important step towards creating a transparent insurance market with Turkic states, including Azerbaijan."