The amusement industry achieved a growth rate of 25% in the first six months
Insurance Information and Monitoring Center General Manager Aydın Satıcı stated that the insurance sector in Turkey has always had a great potential but failed to tap this potential fully. Satıcı added that the General Directorate of Insurance of the Undersecreteriat of Treasury has recently undersigned novelties and resolutions that would support the sector and contribute to its growth. Emphasizing that especially the developments in the Turkish Catastrophe Insurance Pool (TCIP) and Individual Retirement System (IRS) are observed in the automobile category as well, Satıcı stated that the industry achieved a growth rate of 25% during the first half of the year. Satıcı indicated that the expected number of TCIP policies for this year is 10 million and that they foresee a growth rate of 60% in the premiums and around 300% in the number of insurance holders compared to last year as a result of government support to the individual retirement system. Satıcı also stated that, as a result of the new traffic regulations and investments in the transportation infrastructure, the number of traffic accidents would decrease and that would help the insurance companies to switch, especially in the liability insurance category, from losses to profits in their income statements. Satıcısaid “In as short as 10 years, the sector grew from 2 billion USD to 12 billion USD. We expect the same pace of growth to continue within the next 10 years as well.” Satıcı indicated that year 2013 was a great year in terms of the growth rates and continued as follows “What matters is to make this growth and profitability sustainable. Compared to previous years, the growth rate of 25% achieved within the first 6 months is quite satisfactory. If lower damage ratios can be achieved, the sector can close the year with profit, in addition to growth”.
Premium per person should be 1.200 USD within the next 10 yearsAydın Satıcı stated that the share of the insurance sector in Gross Domestic Product (GDP) is 1.5% and this ratio is around 5% in Europe and Satıcı continued as follows: “I believe that this ratio will increase by over %100 and reach 3-4% within the next 10 years. Premium per person increased from 30 USD to 130 USD during the last 10 years. I believe that the premium per person should increase from 130 USD to 200 USD during the next 10 years. In order to achieve these targets, the sector needs to plan its communication really well. It is crucial for kids to gain their insurance awareness starting from primary school. If we can achieve a higher level of awareness with a good communication plan, we can reach the level of the insurance industry in Europe." Stating that the advertisements of the insurance companies need to emphasize products, Satıcı said that effective product promotion will increase insurance awareness among public. Satıcı stated that, especially the effective and correct use of social media would accelerate the spread of insurance and continued as follows “Advertising insurance in all social media channels would contribute to the efforts for increasing awareness of the insurance concept. A survey carried out abroad showed that 25% of the insurance holders made their decisions to buy insurance products with the influence of social media."
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