Page 25 - Turkinsurance Digital Magazine

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the market has expanded. Today, people that was damaged due to past grievances of us. Specific barriers in the legislation
renew their policies simply to avoid losing is being rebuilt through this system. With prevent this product from reaching its full
their tax incentives. It is up to agents to building completion insurance, we are in potential. For example, insurance compa-
explain these benefits. Moreover, instead fact offering a new model. We tell con- nies are required to take a mortgage in or-
of focusing on selling a single product, it tractors: if you wish, let's carry out project der to secure the guarantee they provide.
is important that agents offer their cus- analyses, on-site inspections, and similar However, current regulations impose high
tomers a variety of products. Eventually, procedures together with QC İnşaat along- taxes and fees on this process, which ren-
the customer will come to the realization side the building completion insurance. We ders the product unable to compete with
that “This is actually useful for me,” but tell the beneficiaries: let's select the right banks.
they must first be introduced to it. And the contractor together, or we can refer a con-
best person to make that introduction is tractor to you from our pool of accredit- Another important issue is the restric-
the agent. ed contractors—or, if your contractor is tion in the Capital Markets Board (SPK)
performing properly, let's include them in communiqué regarding Real Estate In-
It can be said that you have pioneered our pool. And most importantly, we guar- vestment Funds (PYGF). In its current
in the field of building completion antee coverage. If the contractor cannot form, fund assets cannot be used as col-
insurance. Is the industry showing the complete the job, we will either finish lateral for building completion insurance.
necessary progress in this area? How it ourselves or refund the beneficiaries' Eliminating this obstacle would enable
far have you come in this regard? money. To briefly mention our projects the insurance sector to protect investors
in the real estate sector so that our per- far more effectively. A regulation stating
Building completion insurance represents spective and the connection between our that “fund assets may be used as collat-
a mindset revolution in Türkiye, because companies can be better understood: We eral for the purpose of issuing building
unfortunately, earthquakes have become also carry out real estate projects with completion insurance” would significant-
a matter of national survival for us. This our companies MHR GYO and QC İn- ly accelerate progress in the sector.
product is the most powerful complement şaat. We play a coordinating role. While
in the transition to safe housing in a ge- Türkiye’s top authority in this field, Al- As Maher Holding Sigorta Grubu, we
ography where we are confronted with lianz Teknik, undertakes the earthquake continue to lead the way in this field.
the reality of earthquakes. 92% of our technical analyses, the contracting is Our aim is to establish a chain of trust in
territory and 95% of our population are handled by one of Türkiye’s best—Tepe the construction sector, not only through
under earthquake risk. This picture not İnşaat. Because we are not constructors; building completion insurance, but also
only highlights the risk, but also the re- here, too, we establish the ecosystem and with complementary products such as
sponsibility we all share. While urban proceed module by module to achieve the professional liability and structural lia-
transformation is the most critical tool at most optimal outcome. bility insurance. This approach not only
this point, the insurance of that process is provides a more secure foundation for all
building completion insurance. Returning to building completion insur- stakeholders involved in the urban trans-
ance—despite the progress made, there formation process, but also strengthens
The journey of this product in the sec- are still certain structural obstacles ahead overall trust.
tor actually began with its inclusion in
the legislation in 2013. However, at Our corporate culture is built on a philosophy that sees life
that time, neither the supply was suf- as more than mere numbers.
ficient, nor was the industry ready for
it. In 2018, as Quick Sigorta, we were
the first to introduce this product to the
market. This product, which has start-
ed to become widespread particularly
in urban transformation projects, offers
a structure that instills trust not only in
the buyer but also in the contractor and
the public. At the point we have reached
today, the value of the product is now un-
derstood more clearly: We are not only
insuring the building itself, but also the
lives that will be established within it.

The greatest strength of the system lies
in the fact that the entire project process
is supervised by the insurance company.
From the selection of the contractor to
their financial adequacy, from technical
infrastructure to the monitoring of the
construction process—all stages are con-
trolled by us as insurance companies. This
brings transparency, trust, and sustainable
quality. For consumers, the sense of trust