We Will See Major Developments in Participation Insurance Products

Atilla Benli, President of the Insurance Association of Turkey (TSB), said that as a result of the development of insurance products integrated with the PPS (Private Pension System) that is aimed to be completed by September 31 in the Economy Reform Package, a window of opportunity has been opened in terms of offering different products to the citizens.

Stating that they can offer life and health insurance products with additional incentives to the citizens who enter the PPS, Benli noted that it will be beneficial for the country's economy by increasing the savings of both the citizens and the sector.

"We see new products and assurances appear during the pandemic period"

Benli noted that there has been a leap in digitalization through remote working, cyber risk issues have been seen, and they expect health and agricultural insurances to reach wider masses. Stating that they expect an increase in the demand for unemployment insurance due to the pandemic and lockdowns, Benli said, "Changing conditions of working have brought demand for cyber risk insurance. We see new products and assurances appear during the pandemic period."

Benli noted that they believe that there might be a significant increase in state-supported commercial receivables insurance this year. Stating that the window-based work in participation insurance will end, and participation insurance companies will be established, Benli said, "We will see great developments in participation insurance products. Many drawbacks that prevent our sensitive citizens from being included in participation insurance will have gone away by the end of 2021."

AA