Page 26 - Turkinsurance Digital Magazine

24 at a glance

2020 has been a year that reminded us we cannot make it without insurance

the growth of non-bank financial market. “We are going through
a very significant period for our market. Targets of improving
individual pension system and emphasis on the development of
non-bank financial sector in the higher policy documents, estab-
lishment of SEDDK (Insurance and Individual Pension Regula-
tion and Supervision Agency) and Türk Reasürans, efficient in-
teraction and synergy between public authorities and insurance
market harbor many opportunities for our sector. Moreover,
target of increasing savings and expanding the use of takaful
within the scope of New Economic Program means new oppor-
tunities for further growth. Development of takaful is important
in terms of attracting individuals who have never bought insur-
ance before. We aim to seize these opportunities and achieve
Atilla Benli, President of the Insurance Association of Turkey, sustainable growth,” he says.
stated that insurance had a critical role both in terms of eco-
nomic sustainability and for ensuring that citizens can feel safe. “Standing by our policyholders is our biggest responsibil-
He said that the Association had been working towards ensuring ity”
sustainable growth and increasing insurance awareness together
with all the stakeholders. The Insurance Association of Turkey Stating that 2020 reminded us that insurance is a requirement
(TSB) issued a statement evaluating the developments in the both due to the pandemic and several natural disasters, Atilla
insurance and pension market and underlining the importance Benli adds as follows: “Unfortunately, during 2020, pandemic
of the sector. Insurance Week events are organized every year has impacted the entire world and natural disasters have im-
with the aim of increasing awareness about insurance and im- pacted our country. On 24 January, an earthquake occurred in
portance of savings, and attracting attention to various risks. Elazığ, Malatya and surrounding regions. In summer months,
Saying that the Association attaches great importance to Insur- we faced floods and hails in Ankara, Burdur, Bursa, Giresun and
ance Week events and regards it as a significant opportunity to Rize. Our market acted rapidly after those disasters and initiat-
explain the importance of insurance with all stakeholders, Atilla ed loss adjustments and payments. On the other hand, we have
Benli’s statement continues as follows: done our part within the scope of economic measures taken by
our government during the pandemic, and we performed well as
“We keep doing our job with the awareness of the fact that a sector. We have been an active, dynamic and solution-provid-
standing by our policyholders through thick and thin is our big- ing sector both by including the coverage for COVID-19 treat-
gest responsibility. We can say that 2020, in all aspects, has ment costs in the scope of individual and complementary health
been a year to remind us that we need insurance to obtain a insurance policies - despite the fact that it is normally out of
sustainable living standard against risks, if we want a safe pres- scope, and implementing our recommendations. We have made
ent and future. During this period, we have worked tirelessly a contribution of 400 million TL (50.6 million TL in health
to reinforce our economy and act as a guarantee for the future branch) to our economy during the pandemic, and acted with
of our citizens. Our market has reached an asset size of 272 the awareness that standing by our policyholders is our biggest
billion TL in the first half of 2020, and a premium volume of responsibility.”
53.3 billion TL at the end of August. As of 24 September 2020,
total number of participants in BES and OKS has reached 12.5 Benli also reminds that penetration rates are still low in Turk-
million, and total fund size has reached 160 billion TL. During ish insurance market, saying that penetration rate stood at 7.2
the first half of this year, we have undertaken 19.9 billion TL percent in the world, but 2.2 percent in Turkey. He underlines
in compensations. With a market size of 129.3 trillion TL, 30 that explaining the importance of insurance and telling people
times the size of our GDP at the end of 2019, we have insured that it is a requirement should be the first thing to come to
many projects. Today, we have a critical function for the sus- mind in that respect. “This is essential not only for our mar-
tainability of Turkish economy with the coverage we provide for ket but also for the welfare of our economy and our citizens.
several mega projects ranging from nuclear power plants to in- Therefore, raising insurance awareness is one of our priority
frastructural investments.” targets, and we keep working on it non-stop. Insurance Week
events are important for our Association in that respect. Dur-
Emphasizing that insurance means safety for the economy, soci- ing this week, we aim to reach out to our citizens from all age
ety and individuals with its existing functions; Atilla Benli says: groups through communication activities on digital platforms,”
“Buying insurance and staying insured is important if you want he says.
to feel safe. Our sector provides guarantee against risks, and we
say ‘We cannot make it without insurance’ during the Insurance As a part of their Insurance Week events, Insurance Associa-
Week.” tion of Turkey will share the opinions of the CEOs of insurance
companies about insurance and pension business, with the aim
Atilla Benli says their target is to increase the share of insurance of spreading out the message that ‘We cannot make it without
market inside Turkish economy and undertake a pioneer role in insurance’ through an active communication.