Normalization Starts in Vehicle Insurance

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The automotive sector, as in many other industries, was negatively affected by the moving home and trade coming to a halt due to the COVID-19 outbreak. With the shrinkage in the automotive sector, it indirectly reflected on the figures in the insurance sector in the motor own damage branch. Especially in the months of March, April and May, when the pandemic was intense, the decline in both new policy sales and renewals drew attention in the motor own damage branch.

The decrease in the taxi has reached 72%

Noting that the biggest change created by the epidemic is seen in compensation payments. Uğur Gülen, General Manager of Aksigorta“Compensation payments, which were 1 billion 371 million lira in the first three months of the year, decreased by 37,8 percent in the second three months of the year and became 852.6 million lira. The number of paid files decreased by 46,7 percent from 394 thousand 91 to 210 thousand 43. With the moving of working life home, especially in April and May, when cars stay in the parking areas, the compensation paid for damages decreased by 42,8 percent from 958.6 million lira to 548.8 million lira. Compensation payments fell by 31,9 percent in trucks, 11,4 percent in trucks, 15,8 percent in trucks, 55 percent in minibuses, 25,2 percent in trailers, and 54,5 percent in small buses. In the taxi, the decrease reached 72 percent. ''

Interest rate cut positively reflected on insurance

Stating that with the transition to a controlled social life, there is a normalization in the motor own damage branch. Uğur Gülen, General Manager of AksigortaHe said, “Increasing vehicle sales as a result of the significant reduction in the interest rates applied by banks for vehicle loans during this period created a bounce effect in the insurance sector. '' - Hibya

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