TSB/Yaşar: We explain that there will be no resilience against climate risk without insurance
Speaking at the COP 31 summit, Turkish Insurance Association President Ahmet Yaşar emphasized that insurance has transformed into an active structure that foresees risks.
Quick Look
- TSB President Ahmet Yaşar emphasized the preventive role of the insurance sector against the climate crisis at the COP 31 summit.
- He stated that the sector is in a critical position for large infrastructure projects and economic stability with its risk modeling capacity.
AI-generated summary
Why It Matters
Within the scope of the COP 31 climate summit, the insurance industry's fight against climate change and its role in financial markets are discussed.
Making evaluations at the COP 31 climate summit, Insurance Association of Türkiye (TSB) President Ahmet Yaşar stated that the insurance sector plays a central role in gaining resistance against the climate crisis.
Stating that they organized the Global Resilience Summit under the roof of "InsurSouth" (House of Insurance) and the Global Sustainable Insurance Summit in cooperation with the United Nations Environment Program (UNEP) within the scope of the summit, Yaşar stated that they aimed to raise awareness among decision-makers, investors and policy makers against climate risks.
Emphasizing that the climate crisis is no longer a threat in the future and has become a part of daily life, as in the example of the flood in Istanbul, TSB President noted that climate resilience cannot be discussed without the insurance sector.
Pointing out that insurance has now moved beyond its traditional structure of only compensating losses after the damage occurs, Ahmet Yaşar said that the sector has now evolved into an active position that foresees risks, prevents them and reduces losses.
Stating that the main force behind the access to credit and financing of large infrastructure, highway, bridge and airport projects is the insurance coverage provided, Yaşar argued that insurers should be at the table from the very beginning when investment decisions are made with big data and risk modeling capacities.
Reminding that the Turkish insurance sector is the country's largest institutional investor with a fund volume of 4 trillion liras, Yaşar added that these collected premiums provide depth and economic confidence to the financial markets without creating inflationary pressure.
Explaining that with the regulation, citizens will be able to obtain insurance coverage related to these within 4 days while purchasing various goods and services such as flight tickets or travel plans, Yaşar stated that conventional agency and broker networks are protected with limits such as the annual premium amount not exceeding the gross monthly minimum wage.
Open Questions
- What will be the impact of new insurance regulations on the market?
