Charles Whitmore, President of Global Accounts at Guy Carpenter, spoke on the first day of the 3rd International Insurance Summit, addressing key issues in the reinsurance market. His discussion highlighted the current state of the reinsurance landscape, the ongoing protection gap in Türkiye, and the critical collaboration needed between public and private sector stakeholders to address these challenges.

Whitmore underscored the importance of public-private partnerships, particularly the role of the Turkish Catastrophe Insurance Pool (TCIP) in mitigating financial losses, as demonstrated during the 2023 earthquake. He emphasized TCIP’s significant impact on reducing financial losses and described it as an invaluable institution in Turkey’s risk and insurance framework.

Moreover, he pointed out that while Turkey’s reinsurance market is predominantly traditional, there is a pressing need to diversify and adopt alternative solutions, such as parametric insurance and catastrophe bonds. Whitmore advocated for the broader adoption of these innovative instruments to effectively reduce the protection gap and enhance financial resilience against natural disasters globally.

For more insights and updates, visit the full article: Source and Full Details