Page 17 - TurkInsurance Digital Magazine

at a glance 15

Chubb meets customer requirements with the wide range coverage of its cyber risk
insurance

Zeynep Özek, Assistant General Manager at Chubb Turkey,
evaluated Turkey’s cyber risk profile. Stating that companies
all around the world received serious cyber-attacks and total
amount of losses caused by cybercrimes reached 600 billion TL,
Zeynep Özek reminded that Turkey was also a target country for
those attackers.

Özek said that according to the statistics announced by ATLAS,
the International Cyber-Attack Intelligence Network, 7.5 mil-
lion DDoS attacks to block online access occurred worldwide in
2017 only: “During 2017, Turkey received DDoS attacks 475
times a day, 20 times an hour and 3 times a minute. Our country
experienced serious problems in this area in recent years. Ex-
perts and authorities are already evaluating the potential cyber
security risks; and working towards developing preventive meas-
ures and solutions for both insider and outsider threats. As the customized for the requirements of corporate customers to ad-
awareness of individuals and companies increase, we will have dress the risks of their company. We are an underwriting-fo-
significant developments in this field,” she added. cused company. We assess every risk on its own and design the
most fitting product for that specific risk. Chubb provides cyber
Stating that awareness considering cyber risks has increased in risk insurance services to companies of all sizes in every market.
recent years, Özek said corporate world had better awareness of In case of an attack, we stand by our customers and carry out the
the situation compared to individuals. Although cyber risks have entire following process together with them.”
recently begun falling into the radar of corporations, Özek told
that all insurance companies had been working on cyber-risks Adding that all sectors and markets in Turkey face the threat
for more than 20 years, Chubb in particular. Özek also shared of cyber-attacks, Özek said: “Cyber-attacks do not only target
the details of Chubb’s cyber risks insurance; saying that as a large corporations but also small and medium sized enterprises
company that operates in 54 countries with more than 30 thou- as well. The pose a common problem for all sectors and busi-
sand employees and a history of 130 years, Chubb brought its nesses. Although mainly manufacturing and finance markets de-
global cyber-risk expertise and specialty of 20 years to Turkey. mand cyber risk insurance, demand from other markets is on the
Underlining that Chubb’s cyber-risk insurance encompassed a rise with the increase of awareness about this threat.”
wide range of coverage scope, Özek said: “Our product is also

Sponsored by Insurance Association of Turkey, Congress of Disability Experts

was organized in Ankara

Sponsored by the In- Generals from the Ministry of Health, forensic experts, repre-
surance Association sentatives of insurance companies, professionals of insurance
of Turkey, “Congress and compensation fields, lawyers, actuaries, and experts working
of Disability Experts” in the evaluation processes for the compensation for the disabili-
was organized by ty and physical injuries occurring due to traffic accidents.
Hacettepe University,
Faculty of Medicine M. Akif Eroğlu, Secretary General of the Insurance Association
in Ankara. Mehmet of Turkey, stated that the Association aimed to provide traffic
Akif Eroğlu, Secretary insurance with reasonable prices to 22 million obliged drivers;
General of the Insur- and underlined the necessity and importance of handing out
ance Association of compensations righteously, as they can cause unjust enrichment
Turkey, gave speech and increase the insurance cost for 22 million drivers. He add-
during the congress ed: “We want to pay the accurate amount of compensations to
and said: “We aim to accurate people in a timely manner. One of the most important
provide traffic insur- challenges we face at this point is the disability compensations.
ance with reasonable prices considering that 22 million drivers Within this framework, disability reports should exclude ele-
are obliged to buy it. Our market continuously works towards ments that do not relate to the root cause of the accident. We
paying the accurate amount of compensations to the accurate need to amend and update the regulation on ‘Incapacity to Work
person in a timely manner.” Focusing on the ‘Compensation for and Loss of Earning Capacity in the Profession’ dated 1969, and
the Disability and Physical Injuries Occurring due to Traffic Ac- launch a calculation standard that complies with the actuarial
cidents’, the congress was attended by the representatives from methodology.”
the Supreme Court and Social Security Institution; Director