Page 12 - Turkinsurance Digital Magazine

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We focus on the quality of insurance, not on

the market share

Emre Buğday, Country President of Chubb Turkey: “We learn from the crises that

occur, prioritizing the design and delivery of innovative products and services
that continuously evolve to address people’s problems.”

In the Turkish insurance market, premiums worth 248.1 bil- Another reason is the consequences brought by the high inflation
lion TL were generated in the January-July period of 2023, environment in Turkey. From an insurance standpoint, both the
marking a 131.2% growth compared to the same period last cost of living and damage expenses have increased. Consequent-
year (Source: TSB). How do you evaluate this? ly, vehicle costs have risen, leading to increased maintenance
expenses... We can consider this as a chain reaction. Inevitably,
This year, the insurance sector achieved a significant growth in- there was an increase in insurance costs.
dex. There are two main reasons underlying this. Unfortunately,
one is the 6th of February earthquakes, which we all still feel However, challenging conditions always bring opportunities with
the pain of. Firstly, there was a substantial reduction in interna- them. It will pave the way for the introduction of more compre-
tional reinsurance capacities allocated to Turkey. With the re- hensive, innovative solutions to the market. I view this positive-
duction in capacity, new high costs emerged, which consequently ly. Particularly, I believe that the next five years will create a
impacted the market. Prices started to trend upwards. Simulta- window of opportunity, leading to discussions on various aspects
neously, awareness about insurance was reignited. This lead to within the insurance sector.
an increase in the rates of insurance coverage. It involves a real
growth. As Chubb, we aim to continue supporting the Turkish economy.