Today, the Turkey Capital Markets Conference 2024 took place in Istanbul, featuring an opening address by Mehmet Şimşek, the Minister of Treasury and Finance. One of the key panels, titled “Turkish Insurers – Navigating Headwinds with Resilience,” delved into the future of the Turkish insurance sector and the challenges it faces.
Moderated by Sachin Sahni, Deputy Director at S&P Global Ratings, the panel included insights from Uğur Gülen, President of the Turkish Insurance Association (TSB); Neslihan Neciboğlu, TSB Non-Life Management Committee Member; and Özgür Obalı, TSB Secretary General. The discussion explored recent developments, transition processes, and the future vision of the insurance industry in Turkey.
Uğur Gülen emphasized the need to categorize the Turkish insurance sector into two eras: the first 20 years marked by significant foreign investment, and the latter by a rise in domestic investment. He expressed optimism about a new phase of investment influx, highlighting the sector’s potential contributions to the Turkish economy.
Özgür Obalı noted that the insurance sector has evolved into one of the most significant institutional investors in Turkey, managing over 1.7 trillion Turkish Lira in assets, primarily in government bonds, equities, and deposits. He advocated for transforming distribution channels into financial advisors to enhance the industry’s effectiveness.
Neslihan Neciboğlu remarked on the financial institution role of insurance companies, stating, “We provide liquidity to the market and maintain long-term risk management structures.” The panel underlined the importance of adapting to market demands and optimizing strategies for future growth.
