AXA Sigorta offers innovative solutions to its customers through parametric insurance products that were developed in the beginning of 2000s as a result of climate change and have become more and more popular with technological advancements. AXA Group sells parametric solutions to its customers in 4 continents and 20 countries around the world; and since 2016, the company offers parametric insurance products that provide protection against loss of profit due to the impacts of climate change even if there are no physical damages to its customers in Turkey through AXA Corporate Solutions.

Yavuz Ölken, CEO of Axa Sigorta, stated that risk definitions and market’s features have changed in terms of climate, technology and information security; underlining that climate change might bring economic volatility. Ölken reminded that AXA Sigorta always aimed to be a financially robust company that brings their position in loss indemnification one step further, stands by their customers and adds value to their lives. He added: “This is where innovation comes forward. That’s why we have realized our AXA 4.0 vision this year as a plan that was devised in four pillars consisting of customers, agents, employees and processes. Our parametric insurance products support this vision that focuses on customer-oriented innovative solutions, while strengthening our ecosystem.” Stating that they were highly aware of the fact that climate change, as one of the most pressing problems for the entire planet, cannot be ignored especially due to its economic impacts in a country like Turkey that houses many different types of climate in a vast geographical expansion; Ölken said: “Loss of profit arising due to physical losses is not covered in standard insurance products. However, parametric products provide coverage even if there no physical losses. For instance, a ski resort that cannot attract enough number of visitors due to a season when snowfall fell short of the expectations, can find coverage against loss of profit thanks to parametric insurance solutions. We analyze the risks of our customers using different indicators such as lack of rainfall/snowfall, higher/lower temperatures, crop yield, speed of wind, height of waves etc. We measure frequency and amount; and after calculating the financial impacts of those risks, we compensate for the losses of our customers, based on documented data. At that point, we use many technological tools and systems including satellite imaging.”