Azerbaijan tests earthquake insurance model — central bank

Azerbaijan is piloting a new insurance model to cover earthquake risks, Central Bank executive director Vusal Gurbanov said at the first assembly of the Turkic World Insurance Union in Shusha.

He said earthquake maps and risk models were essential for building the mechanism, and Azerbaijan was working with Turkey, which already applies similar models.

The system, now in a test environment, will allow authorities and insurers to better assess the economic and material impact of potential earthquakes in Azerbaijan, Gurbanov said.