The Turkish World Insurance Union, which emerged in 2022, has launched its inaugural journey with the first General Assembly convened on September 14, 2025, in Shusha, Azerbaijan. This significant gathering marked a noteworthy initiative towards establishing joint standards and fostering robust collaboration in the insurance realm among member nations.
The Union, rooted in the agreements cultivated during the International Insurance Summit in Istanbul, comprises founding members such as Azerbaijan, Turkey, Kazakhstan, Uzbekistan, and Kyrgyzstan, with Hungary, Turkmenistan, and the Turkish Republic of Northern Cyprus participating as observers. The adopted Roadmap during this assembly signified a strategic leap forward in regional insurance practices, transcending symbolic gestures.
Concrete objectives underlie the Union’s foundation, emphasizing the exchange of information and expertise among member nations, facilitating personnel exchanges, and forming joint insurance and reinsurance pools. Furthermore, initiatives in disaster and agricultural insurance, alongside advancements in digitalization and technology exchange, form the core of their strategic plan.
A New Era of Cooperation in the Turkish World
Davut Menteş, the President of the Insurance and Private Pension Regulation and Supervision Authority (SEDDK), underscored the unique opportunity presented by this Union. He stated, “We envision a future built on shared goals and collaboration, striving for a robust, transparent, and sustainable insurance and pension ecosystem across the Turkish world.” Menteş reiterated Turkey’s readiness to impart knowledge based on their experiences in natural disaster policies, agricultural coverage, individual retirement schemes, and digital practices.
He wisely remarked, “Robust financial frameworks are a collective achievement, signifying a mere single country’s gain but, more importantly, a synergistic benefit shared among cooperating nations. The Turkish world’s progress rests on united efforts, and the SEDDK wholeheartedly supports this monumental unity.”
Collaborative Vision for Future Successes
Uğur Gülen, leading the Turkish Insurance Association (TSB), expressed pride in witnessing the realization of their vision in Shusha. Highlighting the scale of Turkey’s insurance industry, he pointed out that the sector significantly bolsters the nation’s economy. He set forth ambitious targets, aiming for $50 billion in premium production and achieving 5% penetration by 2030.
Gülen aimed to raise the profile of insurance, promoting it as both financially formidable and intrinsically reliable, striving for outreach across the Turkish world. “Insurance is a universal vernacular of security, collective responsibility, and future assurance, now buoyed by our historical ties of brotherhood,” Gülen emphasized.
Elmar Mirsalayev, the General Manager of the Azerbaijan Insurance Association, acknowledged that this Union not only fortifies the goals of the Organization of Turkic States but also unlocks avenues for future projects. He highlighted that the collective effort among Turkish world insurers opens doors for remarkable insurance development initiatives.
The heads of insurance regulatory authorities and association presidents from each participating member country underscored the Union’s establishment as a vital mechanism in enhancing regional solidarity in insurance, promising substantial contributions to economic, financial, and cultural development.
Committing to a Common Destiny, the assembly in Shusha affirmed the Turkish World Insurance Union’s role as both a sectoral alliance and a pivotal investment in shaping a united, prosperous future.
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