Professionals in the insurance sector do not receive sufficient training in risk management, in the view of Mr Ceyhan Hancioglu, general manager of Magdeburger Insurance.
He was speaking during a panel discussion on the topic “Preventive Insurance Practices in the Management of Industrial Risks” at the recent International Insurance Fair and Congress, according to local media reports.
He also said, “Standards in the sector are inadequate. Each company needs to have its own risk management unit.”
He stressed the need for studies to be carried out to develop risk management standards in the sector, indicating also that cooperation and communication should be increased among different players for the sector to gain a more solid risk management structure.
Another panelist, Mr Engin Ozaydin, who sits on the Insurance Experts Executive Committee of the Union of Chambers and Commodity Exchanges of Türkiye (TOBB), said, “Traditional insurance practices are inadequate in today’s industrial conditions. It is vital that businesses review their emergency plans and take the necessary precautions.”
He stated that fire and electrical accidents are mostly caused by simple negligence. He said, “Problems such as short circuits or static electricity can cause major damage from minor accidents. To prevent such situations, businesses need to develop their risk management approach.”
Stating that businesses should not be complacent after they have bought insurance policies, Mr Ozaydin said that risks should be evaluated and the risk management process implemented well, to reduce insurance premiums and increase protection for businesses.