According to the Report, for the first time, many of the issues that the lawyers have reported as being currently critical in their markets have converged, with a truly universal focus on cyber, climate change and the impacts of the pandemic bringing new challenges to many markets. A subsidiary point, but one of much importance to all in the industry, is the follow-on impact of the 'powering up' of digital marketing, sales and claims processing.
"One of the many things that the Covid-19 pandemic has brought to our lives is the changes in customers' social behaviors and the formation of new habits to accommodate the post-pandemic world. The insurance sector in Turkey is reshaping in line with the new needs of its clients and continues to grow", the Report says.
With the pandemic, new product portfolios are emerging in the insurance sector. New areas such as cyber-attacks, loss of profits and business interruption cover are attracting the attention of insurance companies and insurers. In Turkish law, there is no regulation directly related to cyber insurance (as of today). Cyber insurance policies that protect from data breaches are offered by various insurance companies. Therefore, cyber insurance policies have been defined as insurance contracts based on freedom of contract between the insurer and the insurant.
Another innovation is cancelation of the "General Conditions" provision in the Highway Traffic Law. "Under Turkish law, the liability of insurance companies for compensation arising from traffic accidents is determined primarily under the Highway Traffic Law and the General Conditions of Traffic Insurance. The Constitutional Court has cancelled the "General Conditions" provision in the Highway Traffic Law so that "General Conditions" will no longer be applied to determine compensation for traffic incidents. As a result, the role of the highway authority in determining the amount covered in traffic insurance has been eliminated".
The full report can be found here.