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10 at a glance

        EY: ‘’Insurance Companies should Continue their Purpose-Driven
        Transformation Journeys’’

        The “Global Insurance Outlook 2023” study conducted
        by EY sheds light on the agenda and priorities of the
        insurance  industry  in  an  environment  of  uncertainty.
        The research emphasizes the need for the industry to
        continue its transformation journey despite challenging
        macroeconomic conditions and market turbulence.

        International consulting, auditing, and tax firm
        EY  (Ernst  &  Young)  has  released  the  latest  version
        of  its  annual  Global  Insurance  Outlook  research.
        The study focuses on the impact of current complex
        market dynamics on insurance companies’ growth and
        transformation plans, as well as their product portfolios,
        investment portfolios, and financial performance.

        The  EY  Global  Insurance  Outlook  2023  research
        indicates  that  companies  that  effectively  direct
        their  transformation-focused  investments  in  today’s
        environment  will  strengthen  their  organizational   According  to  the  research,  climate-related  risks  and
        resilience and gain sustainable competitive advantage   cyber  risks  are  at  the  top  of  the  list  for  insurance
        with  the  economic  recovery.  The  research,  which   customers of all scales and types. Ultimately, insurers
        examines  current  market  conditions  from  the   who  respond  the  fastest  to  changing  customer  needs
        perspective  of  the  sector’s  objectives  and  priorities,   will be in the best position to emerge from stagnation.
        clearly  shows  that  the  growing  security  and  savings
        gaps continue to drive the need for insurance among   Levent Atakan, the Financial Services Sector Leader
        an increasing number of individuals facing increasingly   and Tax Partner at EY Turkey, provided the following
        complex and multiplying threats.                assessment regarding the research:

        The research, which focuses on achieving goal-oriented   “The research prepared by EY focuses on the current
        transformation in a period of uncertainty, emphasizes   state of the global insurance industry and its future
        that current conditions have made business agility the   growth expectations under the current macroeconomic
        top priority for insurers. According to the study, insurers   and  geopolitical  conditions.  Today,  the  impacts  of
        who are quick to respond to changing customer needs   the COVID-19 pandemic on the workforce and supply
        and effectively utilize innovation and transformation to   chains  continue.  Additionally,  the  disruptive  effects
        meet these demands can be more successful not only in   of conflicts, global geopolitical tensions, high interest
        the current turbulent environment but also in periods   rates,  inflation,  and  volatility  have  become  almost
        when the market rebounds.                       a  ‘new  normal’  caused  by  various  factors.  Global
                                                        economic downturn and contraction are among the
        The  EY  Global  Insurance  Outlook  2023  research   top  priorities  for  senior  executives  and  boards  of
        highlights that the growing security gaps in climate   insurance companies. There are several interconnected
        risks  and  cyber  risks,  as  well  as  the  deficiencies  in   trends that affect and reshape the industry. Constant
        health  insurance  and  retirement  savings,  present   technological  advancements,  evolving  and  increasing
        attractive  opportunities  for  the  sector.  Accordingly,   consumer expectations, and a challenging competitive
        the path to growth for insurance companies lies in new   environment  are  among  these  factors.  However,
        solutions and business models built on core protection   macroeconomic  conditions  also  pose  risks  such  as
        offerings that provide greater value to customers. The   increasing demand for simpler and more accessible
        research focuses on the following topics:       insurance while geopolitical tensions escalate
                                                        climate-related  risks  and  hinder  progress  towards
        Uncertain  and  turbulent  macroeconomic   and  a  lower-carbon  economy.  The  EY  Global  Insurance
        geopolitical landscape. Enormous global security gaps   Outlook 2023 research provides valuable insights and
        resulting from the combination of climate change, cyber   recommendations to help insurance companies progress
        threats,  and  social  and  demographic  changes.  Need   and sustain their growth under these conditions.”
        for  new  value  propositions  and  innovative  solutions.
        Attractive  opportunities  for  insurance  companies   The EY Global Insurance Outlook 2023 research can
        to  innovate  and  create  more  value  for  customers,   be accessed through the EY website.
        shareholders, and society as a whole.
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