17:07 - 12.01.2026

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January 12, Fineko/abc.az. Modeling of catastrophic risks in Azerbaijan has already begun in a test mode.

ABC.AZ reports that Central Bank of Azerbaijan’s general director Vusal Gurbanov said this in DOST TV’s broadcast «Sığortalı Dost".

He added that this mechanism will allow insurers to assess in advance the various catastrophic risks of insured property in the country, in particular the potential damage to insured facilities in the event of earthquakes.

Gurbanov said that this opportunity has been created for the state, and after testing, the system will be presented to both government agencies and the insurance sector.

"The state will be able to predict in advance the amounts that must be insured before any damage occurs as a result, or the amounts that are likely to be damaged by an earthquake. This will create conditions for the use of preventive protection mechanisms for risk management. At the same time, insurance companies will be able to take on possible financial burdens associated with catastrophic risks for the public and businesses, and insurers will be able to shift these risks onto insurers," he emphasized.