Turkey, one of the world’s most popular tourism destinations, hosts millions of tourists every year. With extensive investment opportunities in both established and emerging sub-sectors of the tourism industry, Turkey plays an increasingly significant role in enhancing the prosperity of its people and contributing to the country’s development.
With its advantageous location, existing potential, mega projects, and ambitious goals set for 2023, the tourism sector continues to grow at a pace exceeding its accommodation capacity. Despite a noticeable increase in investments in the country in recent years, there are still significant opportunities for new ventures. Eastern and Southeastern Anatolia hold significant potential waiting to be tapped, particularly in the boutique hotel concept, which aligns with the regions’ characteristics, history, and culture, and is becoming increasingly popular in addition to cultural tourism.
NART Insurance and Reinsurance Brokerage, with our expert team and our central and regional offices located in cities rich in our country’s wealth, history, and cultural heritage, provides services to leading organizations in the tourism sector. We continuously update risk analyses on a local and global scale to meet the sector’s insurance needs.
KEY RISKS IN THE TOURISM SECTOR
- External threats arising from our country’s geopolitical position.
- Travel restrictions due to Covid-19 and the prohibition of entry and exit from countries.
- Increasing economic instability on an international scale, presenting significant challenges to trade, particularly travel trade, in this uncertain environment.
- Global warming and climate change.
- Pollution of open seas due to waste from ships, negatively impacting coastal tourism.
- The country’s image and the sector suffering due to ongoing security issues in some regions.
- Imbalance between protection and usage due to intense usage in coastal areas.
- Unplanned increase in the number of marinas as the attractiveness of the Eastern Mediterranean region grows.
- Unplanned development around tourist destinations.
INSURANCE SOLUTIONS FOR THE SECTOR
These complex risk areas in the sector require effective and efficient management to protect tour/hotel guests, employees, and assets.
- Natural disasters, fires
- Hotel/organization liability risk analysis
- Occupational Health and Safety
- Environmental risks
- Parametric insurance
- Machinery breakdown, Electronic devices
- Third-party liability risks
- Business interruption
- Strikes and Lockouts, Terrorism
- Employee liabilities
- Travel Health Risks
- Credit Risks
- Cyber Risks