TSB Secretary General Obalı: The Insurance Sector Redefined Its Resilience and Strength

Significant Summit Hosted by the Turkish Insurance Association

The 3rd International Insurance Summit, organized by the Turkish Insurance Association with the theme ‘Reducing Protection Gaps: Turkey’s Journey Towards Resilience and Sustainability’, addressed topics such as increasing resilience against earthquakes and closing protection gaps in this regard, discussed by both local and foreign experts.

Highlighted Opening Speeches

On the second day of the summit, opening speeches were delivered by the President of the Insurance Practitioners Association, Fahri Altıngöz, the General Secretary of the Turkish Insurance Association, Özgür Obalı, and the Vice President of the Insurance and Private Pension Regulation and Supervision Authority (SEDDK), Emine Feray Sezgin. Emine Feray Sezgin emphasized the necessity of addressing protection gaps arising in the context of green transformation, digital transformation, and demographic transformation. She also pointed out the need for long-term care systems due to increasing life expectancies.

Strategic Goals of the Turkish Insurance Association

Özgür Obalı highlighted the importance of the insurance sector’s role in providing financial protection for both individuals and businesses. Obalı stated that the insurance sector contributes to economic growth and expressed that it needs to increase its share in the financial sector while maintaining its strong structure.

Views of the Insurance Practitioners Association

Fahri Altıngöz noted that discussions were held throughout the summit on how sustainable strategies could be developed in cyber insurance and disaster insurance. He also addressed the issue of insurance gaps, emphasizing that insurance penetration needs to be increased.

Developments in the Azerbaijani Insurance Sector

The Executive Director of the Central Bank of the Republic of Azerbaijan, Ziya Aliyev, explained the opportunities and challenges in the Azerbaijani insurance sector. Aliyev noted that insurance penetration is low and that the young population presents an opportunity to increase insurance awareness.

Importance of Earthquake Loss Modeling

The Director of the T-Rupt Disaster Modeling and Data Analytics Department, Prof. Sinan Akkar, explained the importance of earthquake loss modeling for the reinsurance sector. Akkar stated that these models are used to predict the social and financial impacts of earthquakes and play a critical role in rationalizing insurance premiums.

Summit Panels

The second day of the summit continued with panels titled ‘Increasing Earthquake Resilience in Turkey’, ‘Innovative Earthquake Risk Solutions’, and ‘ Artificial Intelligence and Emerging Technologies in Insurance’. The panels discussed the future of the insurance sector in Turkey and the contributions of new technologies to the sector.

Translate: artificial intelligence