The Insurance Association of Turkiye (TSB) has held a brainstorming event during which participants set several 10-year goals for the insurance sector.
According to local media reports, the goals include:
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Elevate the Turkish insurance industry to the ranks of the top 10 in the world
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Increase the share of the insurance sector in the financial services sector from 5% to 10%
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Increase the premium production per capita to $350-400 (2023: $224)
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Achieve 100% policy ownership in mandatory insurance lines
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Create an insurance culture by raising consumer awareness about insurance
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Ensure a free market with freedom of pricing
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Establish a Turkish Insurance Platform
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Introduce insurance in the school curriculum in schools through early-age education in cooperation with the Ministry of National Education / Higher Education Council
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Make mandatory products non-term (indefinite, subscriptions)
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Switch to traffic insurance policies based on the risk profile and traffic record of drivers and fair pricing
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Penetrate the market of the Organisation of Turkic States
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Implement a customer-focused insurance law under the coordination of the Turkish Insurance Institute
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Ensure end-to-end digitalisation
According to a TSB statement, the two-day conference on 18-19 September 2024, led by TSB president Ugur Gulen, addressed climate change, artificial intelligence, demographic change, human resources, reinsurance issues, cost management, traffic insurance, and green transformation.
The conference also set out a 63-item risk map for the insurance sector in the next 5-10 years and identified what could be done to increase insurance in the economy.
Participants included senior executives of insurance companies; experts from the Ministry of Treasury and Finance, the Ministry of Trade, and the Ministry of Health; top officials of the sector’s regulatory agency SEDDK; and representatives from insurance agencies, professional organisations, and other entities in the insurance ecosystem.
Mr Gulen said, “The insurance sector cannot progress with unilateral solutions. For this reason, we will take steps to make our sector stronger by joining hands with all our stakeholders.”