Fahri Uğur: The Insurance Sector's 1.8 Quadrillion Lira Guarantee is the Assurance of the Economy
TSB Vice President Fahri Uğur evaluated the impact of the flood disaster in the Marmara region on the insurance sector. Uğur stated that the sector's 1.8 quadrillion lira guarantee is critical for the continuity of trade and that without this assurance, the economy could come to a standstill.
Türkiye Sigorta Birliği (TSB) Vice President and Sompo Sigorta General Manager Fahri Uğur evaluated the reflections of the flood disaster affecting Istanbul and the Marmara region on the insurance sector. Uğur stated that the insured loss will reach 15 billion liras, and the insurable economic loss could reach 1.5 billion dollars.
Fahri Uğur announced that 9,500 damage files were reported to the sector due to the flood disaster, and the total amount is around 10.5 billion liras. Reminding that the sector's equity is 395 billion liras, Uğur projected that the net impact of the flood on the total non-life insurance sector will remain at around 2 percent.
Uğur emphasized that the insurance sector contributes to the economy with an asset size of 5.5 trillion liras. Stating that the total guarantee of 1.8 quadrillion liras provided by the sector corresponds to 24.8 times Turkey's GDP, Uğur expressed that this guarantee is of vital importance for the functioning of trade. Assessment: According to Uğur, in the absence of insurance coverage, disruptions in logistical and commercial activities are inevitable.
Sources
- sigortagazetesi.com · Link