Page 16 - Turkinsurance Digital Magazine

16 cover story

The “New Era of Risks” was

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addressed at the 3 International

Insurance Summit

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The 3 International Insurance Summit, held on October 1-2 The protection gap is increasing
at the Sheraton Grand Ataşehir, brings together key leaders in
the insurance sector to address critical issues regarding global
trends and risks. One of the prominent topics at the summit is the Gülen also emphasized the importance of the protection gap and
global protection gap, which has reached $7.8 trillion, arising shared the following information: “In the Maraş earthquakes,
from the density of emerging economies. only $6 billion of the $106 billion in damages was covered by
insurance. This indicates a gap of $100 billion. Similarly, com-
TSB President Uğur Gülen expressed the following in his speech parable figures have been reported for potential earthquakes in
at the summit: “We have been taking coordinated steps for a Istanbul, with an overall protection gap expected to reach $300
long time, and I thank our Minister and SEDDK during this pro- billion.” Gülen stated that the insurance industry will renew its
cess. We have shouldered significant challenges such as the pan- risk perception through four main currents: geopolitical risks,
demic, economic crises, and earthquakes. However, in the last macroeconomic developments, technological changes, and natu-
year, the economy has gained positive momentum, and we expect ral disasters. He noted that generative artificial intelligence will
inflation to be between 10-20% in 2025. For 13 years, we have rapidly create new cyber risks and could lead to the emergence
emphasized the importance of insurance at these meetings. This of cyber attackers capable of thinking like humans. Additionally,
year, we will focus on changing global trends and risks at our he highlighted factors such as increasing life expectancies and
summit.” rising investments in medical devices in the healthcare sector,
which are also shaping the insurance industry.