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Back"What is needed today is not to undermine trust but to strengthen it."
"What is needed today is not to undermine trust but to strengthen it."
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Habertürk Ekonomi1 hour agoBusiness2 min readTürkiyeView original

"What is needed today is not to undermine trust but to strengthen it."

TSB President Ahmet Yaşar stated that the allegations that insurance companies went bankrupt are unfounded and aim to damage trust.

Quick Look

  • President of the Turkish Insurance Association, Ahmet Yaşar, denied the false bankruptcy allegations spread about the insurance sector and BES.
  • Yaşar emphasized that such disinformation targets the trust of citizens and the durability of the country's economy.

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Why It Matters

Following the recent flood disasters, some claims have been made in the public opinion about the insurance sector.

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In the statement made by the Insurance Association of Turkey (TSB), TSB President Ahmet Yaşar stated that they have been closely following the statements and posts that have caused disinformation in the public about the insurance sector and the Private Pension System (BES) in recent days.

Yaşar stated that it is important that the developments regarding the shareholders of some insurance companies should not be directly identified with the financial structures, insurance activities and liabilities of the companies in question and their obligations towards their policyholders, adding: "Each of these issues should be evaluated within the framework of the relevant legislation and the supervision and control of the regulatory authority. Moreover, we cannot accept attempts to undermine the trust of our citizens with unfounded claims that three insurance companies went bankrupt due to flood damage." made his assessment.

Explaining that the distortion of the decisions taken by the regulatory and supervisory authority with interpretations that exceed their purpose and the making of incomplete, misleading or unfounded evaluations based on individual developments not only misleads the public but also directly targets the trust of citizens in insurance and BES, Yaşar emphasized that BES is a reliable system that carries the savings of millions of citizens into the future with its strong surveillance and control mechanisms and contributes to the long-term savings of the country.

Noting that they have been emphasizing the importance of insurance assurance against increasing risks for a long time and the need to strengthen economic resilience, Yaşar said, "Four Elements. One Assurance" during Insurance Week. He stated that the vitality of the awareness they tried to raise with their approach was once again painfully revealed by the flood disaster.

"What is needed today is not to undermine trust but to strengthen it."

Yaşar expressed his best wishes to all citizens affected by floods and floods and said, "Our insurance sector is on the field with its agents, experts and all stakeholders. Our priority is to quickly detect the damages and cover the damages within the scope of the policy as soon as possible. This being the case, trying to shake the trust of our citizens in insurance and BES with unfounded and unfounded claims harms not only our sector but also the economic resilience of our country." he said.

TSB President Ahmet Yaşar said:

"What is needed today is to strengthen trust, not to damage it. We must ensure that our citizens have more security and use our country's resources more effectively and accurately against risks. Because in a world where risks are increasing, trying to weaken trust in insurance is itself a national security risk. As the Turkish Insurance Association, we will continue to protect the rights, savings and reputation of our citizens, in coordination with our regulatory and supervisory authority, SEDDK."

Open Questions

  • What specific companies have allegations been made about?
  • Will SEDDK have any official sanctions on this issue?

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This article was originally published by Habertürk Ekonomi.

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