Turkish Company Plans To Model Earthquake Risks In Azerbaijan
Date
6/23/2024 7:34:41 AM
(MENAFN- AzerNews)
The Turkish company "T-Rupt" plans to start the implementation
of the earthquake risk modeling project in Azerbaijan in the near
future.
Azernews reports, citing AzerTag 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.
Karabostan noted that natural disaster risk modeling technology
is of great importance primarily for the insurance market. "Our
company has developed the CATMOD catastrophic risk modeling
platform, which allows insurance companies to imagine the future of
the market, taking into account the possibility of disasters such
as earthquakes," explained the head of the company.
Karabostan recalled the consequences of the devastating
earthquake that occurred in Turkey on February 6, 2023, which
forced insurance companies to pay large compensations to property
owners in 11 provinces of the country.
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. However, such "risk sharing" is very
expensive, and catastrophe risk modeling is a more cost-effective
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.
He pointed out that all software for the CATMOD platform is a
product of Turkish specialists and is constantly updated. "The
priority of international cooperation for T-Rupt is Turkish states
and Eastern European countries. With the spread of compulsory
earthquake insurance, interest in "CATMOD" will increase," he
added.
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