Page 22 - Turkinsurance Digital Magazine

22 cover story

Yaşar Reminded the Importance

of Urban Transformation and

Building Completion Insurance

Ahmet Yaşar, President of the Maher Holding Insurance Group and
a member of the Board of Directors of the Turkish Insurance Asso-
ciation, provided comprehensive information about the overall sta-
tus of the Turkish insurance sector. In his speech, he noted that out
of the 72 active insurance companies in the sector, 48 are engaged
in non-life activities, and that the sector closed the year 2023 with
an active size of 1.4 million. It is projected that this figure will reach
an active size of 1.9 million in the third quarter of 2024. Yaşar
emphasized that the Turkish insurance sector provides coverage 22
times higher than the gross national product (GNP) ratio and offers
a guarantee of 576 trillion for the sustainability of the country’s
assets. He stated that the sector ranks among the corporate struc-
tures that provide the largest funds to the economy. In line with
the goal of increasing the sector’s penetration, meetings involving
80 representatives from various stakeholders were organized, and globally. Yaşar highlighted that Turkey needs to achieve 29 times
a roadmap for 2030 was established. Compared to past strategic more growth, emphasizing that the insurance sector currently ranks
goals, it was noted that levels have reached from 1.90 to 2.3. It was second in the financial sector after banking. It was stated that pen-
stated that auto insurance, specifically traffic and comprehensive etration rates need to be increased, particularly in home insurance,
coverage products, holds the largest market share, while health in- where the rate remains at a low level of 18%. The necessity of tak-
surance has shown significant growth after the pandemic. Attention ing necessary steps to increase the insurance coverage rates for nat-
was drawn to the areas of development in life insurance, and pride ural disasters was emphasized. Yaşar, highlighting the importance
was expressed in the fact that 56% of the sector’s workforce is of urban transformation and the necessity of completion insurance,
female. The sector emphasized that it not only pays claims but also pointed out that deficiencies in tax regulations need to be addressed.
contributes $50 billion to the government and has paid $2 billion Additionally, he mentioned that studies would be initiated on pre-
in commissions to agents. As of 2023, the Turkish insurance sector ventive insurance and insurance visa practices. Finally, he expressed
has generated $19 billion in production, with $16 billion coming the need for insurance brokers to come together and address the
from non-life insurance. While the per capita insurance premium trust issues within the sector, advocating for the establishment of a
in Turkey is $224, it was noted that this figure has risen to $889 regulatory framework for all brokers.

Cenk Tabakoğlu: We are one of the 6

companies in the world

Lumnion CEO Cenk Tabakoğlu stated: There are only 6 companies
in the world operating in the field we are working in, and we are one
of them. The system known as Machine Learning plays a critical
role in obtaining some predictions for the future and determining
the decisions we will make based on those predictions.
As for our areas of using artificial intelligence in insurance:

1. Distribution Channels: We are effectively using artificial intelli-
gence here. We are making significant advancements, particularly
in embedded insurance.
2. Claims Management: Many companies actively use image pro-
cessing technology in vehicle insurance.
3. Pricing and Underwriting: This is the third main area where arti-
ficial intelligence is used, making our processes more efficient.