Representatives of insurance companies from Turkic states signed a joint Proclamation on Sunday during the inaugural Assembly of the Turkic World Insurance Association held in the Azerbaijani city of Shusha.

The document formalizes the reorganization of the association based on the goals and principles of the Organization of Turkic States (OTS). In addition to the five founding members, insurance associations from Hungary, Turkmenistan, and the Turkish Republic of Northern Cyprus joined the body as observers, according to AZERTAC.

The main objective of the association is to promote the exchange of expertise, personnel, and information among the insurance markets of member and observer countries, to strengthen reinsurance ties, and to ensure stable and sustainable growth in the insurance sector across Turkic nations.

The Organization of Turkic States is an intergovernmental bloc established to enhance cooperation among Turkic-speaking countries in areas such as politics, economics, science, education, transport, and tourism.

Its full members include Azerbaijan, Kazakhstan, Kyrgyzstan, Türkiye, and Uzbekistan. Hungary, Turkmenistan, and the Turkish Republic of Northern Cyprus participate as observer states.