The Insurance Association of Turkey announced that due to the rise in exchange rates and the volatility in other market dynamics, the insurance prices of machinery, equipment, raw materials, residences, workplaces and other assets that have increased in value compared to the date of insurance will be revised to reflect the current market value, which will prevent grievances.

In the announcement made by the Insurance Association of Turkey (TSB), it was recalled that the ‘insurance price’ is the most priority of the issues that need to be determined when concluding an insurance contract. In the TSB statement, which pointed out that the insurance price is the market price of the insured asset, the following statements were included: 
“The correct determination of the insurance price is extremely important to avoid victimization when the damage occurs. The rapid increase in the value experienced at exchange rates leads to the fact that the insurance prices of assets of commercial enterprises, in particular, remain low. In order to protect against this situation called ’Missing Insurance' and prevent the occurrence of victimization, we see it useful to emphasize that our insured should go to update their policies. It is of great importance that our insured persons, especially for assets related to foreign currency, revise the insurance price, necessarily taking into account exchange rate differences.

Both commercial enterprises and our individual insurers are required to update their policies during the current insurance period, as well as fully reflect the change in market value at the insurance price when starting to create policies during the renewal period. 

As the Insurance Association of Turkey, we will always stand by our insured and continue to generate added value for the country's economy.”