TSB Vice President Ahmet Yaşar: We Demand That the Exceptions Granted to Banks Be Applied to the Insurance Sector as Well

Insurance Week and International Insurance Summit

Ahmet Yaşar, Vice President of the Turkey Insurance Association, spoke about the developments in Compulsory Disaster Insurance, Health Insurance, and Building Completion Insurance products on the second day of the 3rd International Insurance Summit held during the 13th Insurance Week. He shared his predictions and goals for the future of the insurance and pension ecosystem.

Growth of the Insurance Sector and Its Contribution to the Economy

The Turkey Insurance Association (TSB), working to increase the contribution of the insurance sector to the Turkish economy, hosted important panels during the 13th Insurance Week this year with the support of the Insurance Practitioners Association, IUC, and Middle East Insurance Review.

Developments in the Turkish Insurance Market

In his presentation titled ‘Developments in the Turkish Insurance Market: An Analysis on Insurance Penetration and Potential Solutions’, Ahmet Yaşar illustrated Turkey’s position in the global economy and insurance sector with numerical data. He emphasized that the sector has a long way to go.

Yaşar pointed out the difficulties in selling compulsory insurances, saying, “We are even forcing the sale of compulsory insurances. The rate of uninsured vehicles in traffic is 20%, and this rate is highest in motorcycles and tractors. Complementary health insurance has surpassed the OSS after the pandemic. However, the insurance penetration rate is 8% for TSS and 5% for OSS. Unfortunately, the insurance rate in housing is around 18%.”

The Importance of Disaster Insurances

Globally, insurance covered 40% of the disaster damages that occurred in the same year as the Kahramanmaraş earthquake. “We need to increase the insurance rate and take precautions before the Istanbul earthquake occurs. DASK will transform into Compulsory Disaster Insurance, covering many natural disasters including forest fires,” he said.

The Importance of Urban Transformation

Ahmet Yaşar stated that urban transformation plays a significant role in risk reduction, saying, “If an earthquake of the magnitude of the Kahramanmaraş earthquake occurs in the Marmara Region, we could face a survival issue. Why is it progressing slowly when there are laws, incentives, and rent payments? Because citizens want to live in safe buildings. The only instrument here is building completion insurance. We need to carry out urban transformation with insurance.”

Insurance Visa Studies

Addressing the demands for ‘insurance visa’ that have emerged in meetings with Chambers of Commerce, Yaşar stated, “As TSB, we have initiated work on this issue. Preventive insurance activities will start with this. We do not have problems in paying compensation. The agents and brokers that the insured recognizes as insurers. We need to reconcile with agents and brokers and establish our trust. We need to solve the trust issue between us.”

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