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A Turkish company plans to develop an earthquake risk model in Azerbaijan

A Turkish company plans to develop an earthquake risk model in Azerbaijan
A Turkish company plans to develop an earthquake risk model in Azerbaijan

 


The Turkish company “T-Rupt” plans to start implementing an earthquake risk modeling project in Azerbaijan in the near future.

Azernews reported, citing AzerTag, that T-Rupt CEO Erdem Karabustan told Turkish media about this matter.

According to him, the company participates in various events and maintains active contacts with the Azerbaijani side. At the end of May, representatives of the company “T-Rupt” participated in the conference dedicated to the stability of the financial system against catastrophic risks, which was jointly organized by the Central Bank and the Compulsory Insurance Office of Azerbaijan 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 platform for modeling catastrophic risks, which allows insurance companies to visualize the future of the market, taking into account the probability of disasters such as earthquakes,” the company’s president explained.

Karabustan recalled the consequences of the devastating earthquake that occurred in Turkey on February 6, 2023, which forced insurance companies to pay large compensation to property owners in 11 states in the country.

According to him, today the practice of “reinsurance” (reinsurance) is used in the international market, that is, the insurance company transfers its risks or part of the risks to another insurance company under a contract in order to reduce the possibility of paying the insurance amount. A large amount of compensation. However, this “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 ​​​​the damage caused by earthquakes of different strength in the region separately. This allows to reduce the amount of risks that can be 'passed on' to other insurance companies. With regard to Turkey, our company has developed A platform that takes into account 100,000 earthquake scenarios.”

He pointed out that all programs for the CATMOD platform are the product of Turkish specialists and are constantly updated. He added, “The priority for T-Rupt's international cooperation is the Turkish and Eastern European countries. With the spread of mandatory earthquake insurance, interest in CATMOD will increase.”

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