General Manager of Groupama Sigorta, Ramazan Ülger, said that after the new arrangements, 2014 will a steady year for the insurance sector.
As mentioning that Groupama Sigorta had a good year in the sense of substantial damages and frequency in 2013, Ülger, said, “There was a significant drop in the number of our claims. Therefore, 2013 technical results have been better than 2012 for not only Groupama Sigorta but for all the players of the insurance sector.” The loss issue in traffic insurances must be solved
Stating that the most important problem blocking the insurance system into a stable order is the lack of solution of the loss in traffic insurance, Ülger, said, “The issues in traffic insurances haven’t been solved while the other branches have gone well. It is only possible to solve this problem by regulating the infrastructure. The problem is all about bodily injuries and material damages are mostly under control. Insurance Association of Turkey is working on an arrangement and if it is solved in 2014, traffic insurance will be no longer a problem for both the insurance companies and the customers.”
2014 will be the year of competition
As indicating that free competition will be dominant in the insurance market, Ülger, said, “The companies determine their own price tariff. Nobody knows the others’ prices but every actor of the market surely calculated its own balance sheets. As Groupama Sigorta, it is impossible for us to determine our prices as taking the risk of deficiency. Because, we believe that it is not a sustainable strategy. We have a mathematical balance that we stick to. To us, it is important to determine the prices as protecting technical profit rather than the competitive prices and market share. We will seek that strategy and we hope that the others will do the same.”
