Emre Buğday, Country President of Chubb Turkey, stated that Turkey bears a huge potential for insurance market due to its demographic features and young population. He said: “It is important to reach out to individuals and create that awareness. A huge part of the population in Turkey is still uninsured.” Buğday shared some details about Chubb Turkey as one of the companies that provided insurance coverage for Çanakkale Bridge and Northern Marmara Highway, and evaluated Turkish insurance market; saying that Chubb offers more than 200 different corporate and individual insurance products as well as reinsurance products and services for multi-national corporations, SMEs and retail customers.

Emre Buğday reminded that as a company that runs operations at 170 points in 54 countries, Chubb has a history of 130 years. He added: “Chubb Turkey can issue international policies. Chubb acts very rapidly in claims management and claims payment processes; or in other words, after the loss has occurred.” Underlining that Chubb adopted their global products into Turkey based on market requirements and demands; Buğday said that they offered products of D&O liability insurance, environmental liability insurance, financial insurance, engineering and construction insurance, casualty and health insurance, and cyber-security insurance. Buğday said that Chubb broke new ground in the Turkish market with their dental health insurance, adding that monetary concerns frequently detain people in Turkey from visiting dentists.

“1 trillion USD annual investment against cyber-attacks”
Saying that processes are now conducted over smartphones and computers in all markets and companies, Emre Buğday added as follows: “All companies benefit from technology in both production and marketing phases, as well as while offering their products and services to consumers. However, technology that makes our lives easier also make us all open targets for malevolent people and parties. Cyber-attacks do not only target big companies but also small and medium sized enterprises. As the attacks are getting more and more frequent all around the world, Turkey is also one of the targeted countries.”

Buğday emphasized that 1 trillion USD will be invested in protection against cyber-attacks around the world until 2021: “As of 2020, we will be needing 50 times bigger protection against cyber-attacks. Global losses from cyber-attacks that have increased very rapidly in recent years will climb up to 6 trillion until 2021. According to ATLAS international cyber-attack intelligence network, 7.5 million DDoS attacks that aimed to prevent online access were recorded around the world.  ATLAS’s report states that 475 online DDoS attacks were recorded per day in Turkey during 2017. Number of attacks was 20 per hour and 3 per minute. Based on the types of those attacks, cyber criminals usually focused on connected devices that are called IoT (Internet of Things).