At the meeting of International Insurance Conference in Turkey's Istanbul on May 24, the Turkic World Insurance Union has been established following the agreement signed, Trend reports referring to the Azerbaijan Insurers Association.

The members of the Union include Insurers Associations of Azerbaijan, Turkey, Kazakhstan, Uzbekistan, Kyrgyzstan, and Turkmenistan.

The Union will join forces for strengthening insurance sectors of Turkic-speaking countries through exchange of personnel, experience and information between insurance markets, establishment of a unified insurance pool, as well as the formation of reinsurance areas.

Creation of the Turkish World Insurance Union was a joint initiative of the Azerbaijan Insurers Association and the Insurance Association of Turkey, Trend said.