Page 13 - Turkinsurance Digital Magazine

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gun to see it a luxury consumption to buy insurance policies, recovery from the crisis will possibly begin in the third quarter
insurance companies are warning people against increasing of this year, while a worse case scenario estimates that first
number of risks especially under these new circumstances. As recovery signals will be seen in the second quarter of 2021. Ac-
shrinkage in the insurance demand continues to threaten the cording to a survey conducted by KPMG with the participation
market, many researches have been conducted to reveal the eco- of representatives from the business world, 88 percent of them
nomic impact of the pandemic. believe that the pandemic will have a serious impact on Turkish
economy. 80 percent of participants think that Turkish economy
Economic impacts may continue through- will shrink more than 3 percent in 2020. 35 percent believe that
the economic crisis will continue for at least 12 months. 58 per-
out 2021 cent of the participants indicated that they can work remotely,
which includes insurance market as well. According to the sur-
McKinsey has announced the results possible scenarios accord- vey results, insurance market is one of the relatively lucky mar-
ing to their estimations. Two of those scenarios indicate that the kets in terms of the impact of this crisis on financial turnovers.