Kazakhstan Looks to Azerbaijan for Disaster Risk Management Expertise

Head of the Insurance Organizations Inspection Department at Kazakhstan’s Agency for Regulation and Development of the Financial Market Meruert Bayetova has said that Kazakhstan is exploring ways to learn from Azerbaijan’s experience in modeling and managing natural disaster risks.

Bayetova noted that Kazakhstan is actively working on insurance solutions for natural disaster risks, and “it would be valuable for us to study Azerbaijan’s approach and see how it could be applied at home”, The Caspian Post reports via local media.

She emphasized that there are no restrictions on insurance sector cooperation between the two countries. Recent regulatory initiatives in Kazakhstan now allow foreign companies to establish local branches, creating opportunities for Azerbaijani insurers to enter the Kazakh market.

“Since both Kazakhstan and Azerbaijan have competent regulatory authorities, there’s no need for overly strict requirements for either side,” Bayetova added.

She also highlighted the growing importance of artificial intelligence technologies in the insurance sector, describing it as a key topic on Kazakhstan’s agenda for innovation and risk management.