The foundations of the automotive industry, which is strategically important for our country, date back to the early 1960s. The automotive sector is a key sector that plays an important role in the development of countries with its capital-intensive structure and the volume of employment it creates.
This important sector, which has gone through a period of rapid industrialization and progress, has transformed from assembly-oriented partnerships into a full-fledged industry with design capability and large production capacity.
Original parts manufacturers (OEMs) have invested more than 16 billion USD in their operations in Turkey since 2003. These investments significantly increased the production capacity of these companies and enabled Turkey to occupy an important place in the global value chain of international OEMs.
In line with its commitment to transform the automotive industry, which is an important economic driving force in integrating its economy with the global value chain, and its vision of becoming an economic powerhouse, Turkey has also introduced the “naturally electric” vehicle it has developed with the strength of the country’s long-standing experience in the industry and domestic resources.
As NART Sigorta ve Reasürans Brokerliği, with our strong, dynamic and experienced expert staff, this locomotive provides services to automotive and automotive sub-industry companies that are leading in the sector, and responds to the insurance needs of the sector by constantly updating its risk analyzes on a local and global scale.
MAJOR RİSKS OF THE AUTOMOTİVE İNDUSTRY
- • Increased energy, taxes, etc. input costs
- • Material and Machine Issues
- • Sudden currency fluctuations
- • Policy instabilities (SCT revisions, carbon emission focused environmental regulations, ADR regulations, EURO 6 engine usage, diesel consumption, etc.)
- • Foreign origin automotive main industry companies taking decisions to withdraw from the Turkish or European market
- • Delay/cancellation of infrastructure investment projects (highway, rail system etc. or OIZ infrastructure projects)
- • Increased labor costs due to COVID-19
- • Financial contraction and liquidity problems caused by COVID-19
- • The need for new investment that will arise in parallel with the spread of electric cars
- • Disruptions in the supply chain
- • Environmental regulations
- • Product recalls
- • Driverless Vehicles
- • Cyber-attacks and data breaches
- • Chemical Hazards
INSURANCE SOLUTIONS FOR THE INDUSTRY
- • In the automotive industry, each of which has its own unique and complex risks, the existence of effective risk management systems is inevitable for each of the main industry and sub-industry facilities, distributors and sales offices.
- • Natural disasters, fires
- • Business interruptions, strikes and lockouts, terrorism
- • Product liability and product recalls
- • Professional Liability
- • Employee responsibilities
- • Supplier Chain/raw material Risks
- • Environmental risks
- • Credit Risks
- • Cyber Risks
- • Acquisitions and mergers, investments
- • Occupational Health and Worker Safety
- • Transport risks of products and parts