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Tourism crisis and coup attempt hit unemployment
Government's plans for our sector in 2017
Demir Hayat now owned by EMF New Europe Insurance Fund
Government rethinking their plans for mandatory private pensions
Nothing's certain except death and taxes
Staggered start to Automatic Enrollment
BES pension funds now as popular an investment as term bank deposits
Takaful insurance trade association formed
Treasury reminds employers of their responsibilities under Automatic Enrollment
Circulatory system disease and cancer the biggest killers in Turkey
Untitled Document population premium waiver Aegon 2012 death 2023 Katılım Hayat ve Emeklilik health Islamic finance Asya Emeklilik
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Half Year Scorecard for BES system


Statistics published by the Pensions Monitoring Centre for 30 June 2016 show that the BES Pensions system has grown to nearly six and a half million participants and covers nearly 55 billion TL of assets:

Tourism down - travel health policy sales up


It used to be fairly impossible to purchase travel health insurance in Turkey when going on your overseas holiday – we had to rely on worldwide travel extensions to our turkish health policies (if they existed). Now travel insurance is offered as an option, alongside extra baggage allowance and choice of airline meal, when we purchase our plane tickets on-line.

So it comes as no surprise that there is an increasing interest in travel health policies (Seyahat Sağlık Sigortası).

Insurance Association joins the dash to Asia


Coming soon … to an office block near you …..

No longer do I need to drive across the bridge to Levent to visit the Insurance Association of Turkey.

They have moved!

New board of management for the Actuarial Society


 At their AGM held in the Milli Reasürans Conference Hall on 16 March 2016, Turkey’s Actuarial Society elected a new board.

President for the coming year is Orhan Emre Çelik
Vice President is Ayşe Seda Ekizoğlu
Cenk Yalçın will fulfill the role of Secretary, Çağkan Başer that of Treasurer and Aslı Sönmez will oversee PR and Education.
One in seven people aged 20-54 have a BES pension


Statistics published by the Pensions Monitoring Centre reveal that the number of participants in the BES system rose from 5,063,000 at the end of 2015 to 6,036,000 at the end of 2016 (an increase of 19%).

Coupling this statistic with population figures issued by the Department of Population and Citizenship Affairs  of the Ministry of the Interior, this represents one in seven of the population aged 20-54. 

Bank Asya under threat


It doesn’t seem all that long ago that I was reporting on bullish statements made by the General Manager of Asya Emeklilik. This Islamic finance pensions company is linked to Turkey’s first Islamic finance bank Bank Asya.

Things can change very quickly in Turkey. Last week Bank Asya took out full-page advertisements in many national newspapers defending itself against what it terms a wide range of smears in the press, reminding people that any actions taken to try to destabilise a bank are against Turkey’s Banking Laws and notifying public opinion that they have opened 286 lawsuits against papers and journalists.

So why is the bank feeling embattled?

IBNR and unclaimed death benefits


Turkey’s state sector has made rapid strides in computerising many aspects of life. Visitors to Turkey can now apply for an e-visa on line. Citizens can track and pay their tax and social security bills on line. We can also check details on our traffic insurance policies.

Towards the end of last year, the Office of Population Statistics opened up its databases to insurance companies and a directive from the Treasury required companies to search through the database of deaths for their lives insured to see whether they had any incurred but not yet reported claims.

Fair enough, but what made companies lobby for the directive to be recalled or its implementation to be delayed is the fact that it required an IBNR claims reserve to be set up for the amount so discovered.

Halk Hayat ve Emeklilik for sale


State-owned Halkbank has announced it is to sell its shares in its two subsidiary insurance companies: the non-life Halk Sigorta and the life and pensions company Halk Hayat ve Emeklilik.

Shares owned both indirectly and directly by Halkbank will be sold by the state’s Privitisation Administration (OİB), and they have been authorised to sell the shares in their entirety or in part.

Halkbank currently owns 89.18% of Halk Sigorta and 94.4% of Halk Hayat ve Emeklilik. Market expectations put a price for the two at around 1.7 billion Turkish Lira.

Waiver of Premium Benefit from Aegon


Aegon is giving a big push to tele-marketing sales of a Waiver of Premium benefit. Current policyholders are being offered the chance to purchase the company’s Ödeme Güvence Sigortası and link it to their existing savings policy.

This product doesn’t only protect the customer’s ability to reach their target savings fund, it also helps the insurance company avoid lapses or paid-up if the customer becomes unable to work. Clearly a win-win.  Inflation-protection of premiums is also included, with the waiver of premium benefit covering an annual inflationary increase of premium on the policy anniversary. 

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