Small and medium-sized enterprises (SMEs) make up 99.7% of all enterprises in Türkiye, however the insurance rate for them remains at 32%, according to Mr Oktem Orkun, deputy general manager of elementary commercial insurance at Allianz Turkiye, Middle East Insurance Review writes.

As Mr Orkun noted this means a significant gap in insurance awareness among SMEs. According to him, SMEs are not sufficiently prepared for the increasing frequency of disasters, rising damage costs, and potential consequences of prolonged business interruptions. “To increase insurance rates, which hover around 32%, simply offering policies isn't enough; we also need to provide insurance education, raise awareness, and develop protective solutions”, he said.

According to data from the Turkish Statistical Institute (Turkish Statistical Institute (TUIK), 3,713,000 enterprises operating in the industrial and service sectors in Turkiye are classified as SMEs. However, according to estimated data, 2.5 million SMEs lack insurance coverage.