HDI Sigorta General Director Ceyhan Hancıoğlu; ‘Partnership and acquisition will continue in the insurance sector’

HDI Sigorta General Manager Ceyhan Hancıoğlu said that consolidation in the insurance market is inevitable and will continue.

HDI Sigorta General Director Ceyhan Hancıoğlu; ‘Partnership and acquisition will continue in the insurance sector’

Incorporating Liberty Sigorta last year and Ergo Sigorta recently, HDI Sigorta General Manager Hancıoğlu said that: “We are talking about market worth $10 billion. Number of the companies is too high for this market size. Hancıoğlu also thinks that there is a need for a stricter structure to prevent weaknesses in the financial bodies of insurance companies. Hancıoğlu also stated that they will reach to the seventh rank in the sector after this acquisition and added that they are getting closer to their target of top 5.
Hancıoğlu stated that they support an establishment such as BRSA (Banking Regulation and Supervision Agency) as this will accelerate decision-making. Economic crisis leads to decline in policy renewal and they prepare packages containing different guarantees for the same product. Hancıoğlu explained that they want “free market” for vehicle insurance and they expect the transition to “person-based policy” in this branch within a few years.

Source: http://turkishinsurancenews.com/insurance/hdi-sigorta-general-director-ceyhan-hancioglu-partnership-and-acquisition-will-continue-in-the-insurance-sector-31

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