The Insurance Market / AFSA requires insurance companies to include in their insurance contracts specifications for crisis situations.

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The General Executive Director of the Financial Supervision Authority, Mr. Ervin Mete, held a meeting with the heads of insurance companies. The meeting discussed the performance of the insurance market, in particular the effects of the COVID-19 pandemic and the compensation process after last year's two earthquakes.

Mr. Mete praised the management of the situation after the earthquake by the insurance companies, as well as the progress of the compensation process, while requesting the immediate conclusion of all pending payments.

The CEO asked insurance companies to take steps to review business continuity plans in cases of crises and emergencies. He noted that the insurance market has begun to recover with the country emerging from isolation.

Digitalization is also essential for reporting, inspection or e-services. This will reduce costs, remove barriers and increase efficiency in the insurance market, said Mr. Mete.

The General Executive Director asked the directors of insurance companies to take measures to provide in insurance contracts specifications related to crisis situations, in order to be transparent to insured persons.

The meeting also discussed other issues in order to develop and regulate the market, improve the claims / premium ratio.

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