Page 23 - Turkinsurance Digital Magazine

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“Small and medium sized companies will have increased awareness for cyber risk

insurance”

Emre Buğday, Country President of Chubb Turkey, gave a state-
ment about the significance of insuring corporate companies dur-
ing the economic turmoil periods which have been experienced
frequently in recent years. Buğday said that insurance market
was deeply impacted by the developments in the economy, and
added that last year’s fluctuations in foreign exchange rates
were reflected as an increase in spare part and claims costs.

Buğday also underlined that insurance was the first thing that
companies sacrificed during economic challenges: “On the con-
trary, insurance gains importance and is required more during
economically challenging periods. Because both individuals and
countries are in trouble. You are not able to cover for the dam-
ages of a potential fire or flood in your house. Insurance com-
panies are making investments to find solutions for new risks.
People and companies can focus on liability, financial insurance “We need to determine the real requirement, offer a product
and special-risk insurance products during such times.” to address that requirement and inform the end-users about the
benefits of that product very accurately”
Buğday also shared information on Chubb Turkey’s corporate
insurance products. He said that as the world’s largest publicly Buğday also shared his opinions about the insurance aware-
traded property and casualty insurance company, Chubb sup- ness level in Turkey, claiming that this awareness had still not
ported corporate customers in fire, engineering, liability, finan- reached the desired levels. Buğday said people remembered
cial and marine insurance lines with special products such as their need for insurance only after a loss occurred, adding that
group personal accident, dental insurance and business travel in- this was not intrinsic to Turkey, but was rather same all around
surance. He also added that they were working on new products the world. Buğday added that Turkey carried a serious poten-
as well. “We continue to invest in Chubb’s business travel insur- tial for the insurance market due to its demographic structure
ance and dental insurance. During 2019, we will be offering our and young population. He said: “We need to determine the real
global know-how and capacity in directors’ and officers’ liabil- requirement, offer a product to address that requirement and
ity, fire and engineering, marine and general liability products. inform the end-user about the benefits of that product very accu-
He added that small and medium sized companies will increase rately. On the other hand, awareness for the importance of insur-
their awareness of cyber risk insurance. ance increases with the new generation. Insurance Association
of Turkey is also carrying out projects to ensure this increase.
Underlining that they were also developing hybrid solutions for Chubb organizes several events, panels, speeches and acts pro-
individuals, new products that could bring insurance solution actively to increase this awareness even further. We are trying to
for the risks of daily life; Emre Buğday said: “Chubb Turkey enhance cooperation with non-governmental organizations. We
brought a breath of fresh air to the market in 2017 by offering are also utilizing all our resources to create further added value.
dental insurance for the first time. We expect the demand to Plus, digitalization determines the pulse of the world. Insurance
increase this year. We will also be focusing on business travel market should keep up with pulse. At Chubb, we are digitalizing
insurance, too. We will keep working towards developing and some of our operations, while working on distribution channel
offering innovative products and services in order to address the strategies to best address the requirements of our customers at
requirements of our customers. the same time.”