Vusal Gurbanov: Collaboration in insurance deepens among Turkic states

Opportunities for deeper collaboration in the insurance sector, as in other fields, are emerging among Turkic states, Vusal Gurbanov, Executive Director of the Central Bank of Azerbaijan (CBA), told journalists at the Turkic States InsurTech Summit 2025 held in Baku, Report informs.

He noted that the conference would be beneficial both for fostering mutual cooperation and for conducting discussions on key issues.

Gurbanov highlighted that the pace of technological development is outpacing legal regulations:

"Therefore, it is necessary to conduct accurate observations and analyses. We also discuss these issues with various international insurance regulators. Naturally, development-oriented steps are required to enhance potential with these tools and to improve insurance services through technological solutions," he said.

He added that legal regulation must accompany these developments:

"Data security and the protection of policyholders' rights are extremely important. In this direction, the Central Bank, as the main regulator, is continuously working to ensure compliance and safeguard rights," Gurbanov concluded.