The Turkish company “T-Rupt” plans to start the implementation of the earthquake risk modeling project in Azerbaijan in the near future.
Publika.az reports that “T-Rupt” CEO Erdem Karabostan told the Turkish media about this.
According to him, the company participates in various events and maintains active communication with the Azerbaijani side. At the end of May, the representatives of “T-Rupt” company participated in the conference dedicated to the stability of the financial system against catastrophic risks, jointly organized by the Central Bank and Azerbaijan Compulsory Insurance Bureau in Baku.
According to him, the practice of “reinsurance” (reinsurance) is used today in the international market, that is, an insurer transfers its risks or a part of risks to another insurance company under a contract in order to reduce the possibility of paying a large amount of compensation. But such “risk sharing” is very expensive, and catastrophe risk modeling is a more profitable option for the insurance market.
“The CATMOD platform provides an idea of what the damage of earthquakes of different magnitudes will be in the region taken separately. This allows to reduce the amount of risks that can be “transferred” to other insurers. Regarding Turkey, our company has developed a platform that takes into account 100,000 earthquake scenarios,” said the CEO of T-Rupt.
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