Untitled Document
Translation of Sectoral Announcement no 2007/21
Translation of Chain-Ladder Method Circular
Translation of General Conditions for Loan Insurance
There's no such thing as a free lunch or a free assistance rider!
Rent protection
Translation of Amendment to Life Regulations
Life Insurance Statistics - Haymer Guidelines for Completion of Tables
Islamic Finance Pension Product Launched
Whose fault? 2011 returns below inflation
Actuarial exam syllabus for 2012
Untitled Document population premium waiver 2012 Aegon Katılım Hayat ve Emeklilik death 2023 Islamic finance health Asya Emeklilik
Untitled Document
Choosing an IBNR method

21/09/2010

 Some wise man once said that "all prediction rests on the assumption that the unknown has something in common with the known".

This is the basis underlying all methods for estimating outstanding claims reserves. For estimating IBNR reserves (the amount to put aside to cover claims that have happened, but have not yet been reported to the insurance company) we assume that future notifications of claims will have some level of correspondence to those notified to us in the past.

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Islamic Finance Pension Product Launched

17/08/2010

Islamic Finance and Turkey’s BES system have until now been mutually exclusive. In Islamic Finance, interest is forbidden. The BES system provides for money to be invested in mutual funds, whose value changes in line with the underlying investments: most of which are traditional government bonds and company shares.

Garanti Emeklilik has now launched an Islamic finance version of their BES product, developed in conjunction with a “participation bank”: Türkiye Finans.

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Putting The BES System in Context

05/08/2010

Regularly I update the information concerning the size of Funds Under Management in Turkey's PPP system, called BES. However, in order to assess the success or otherwise of the BES system, we need to look at it in the context of the whole Turkish savings market.

In actual fact, it is well known that the largest bank in Turkey is the "under the pillow" bank, as a lot of money is held by citizens outside of the formal savings institutions! In addition, a large tranche of savings is not held in TL or foreign currency, but in gold. The bracelets given to a bride on her wedding day form a major plank of the savings of the young couple.

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Turkish Mortality Tables Finally Available!

05/08/2010

Following a detailed project commissioned by the Treasury and carried out by the Actuarial Departments of Hacettepe University (Ankara), Marmara University (Istanbul) and BNB Consulting Firm, we now have for the first time in history Turkish mortality tables!

There are separate tables for population mortality - TRH, working population mortality (those with National Insurance) - SGK, insured lives - TRSH, and annuitants - TRHA.

Tables are subdivided into male (E - erkek) and female (K - kadın) mortality.

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TEB and Fortis Banks to Merge

08/06/2010

Earlier this month TEB and Fortis Banks declared their intention to merge under the name of TEB, after TEB's 50% shareholder BNP Paribas purchased Fortis Bank. This means that the insurance business of the two banks, after the merger, is up for grabs.

TEB currently sells the life and pensions products of Anadolu Hayat. Fortis has its own company Fortis Emelilik ve Hayat. On the non-life side there is also a divergence, with TEB marketing Zurich's products, and Fortis selling Axa's and Ray's.

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Not Just the Best in Turkey ...

08/06/2010

... the Best in Europe and the Middle East.
 
Prestigious economics and financial magazine Euromoney gives annual awards for the best companies in each country and region.
 
For 2010 the Best Insurance Company in Turkey accolade for the second time was awarded  to Axa Sigorta. In addition, Axa is rated by them as the best insurance company in Europe and the Middle East.
 
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A Frightening Survey

25/05/2010

It seems that this year is the year of vampire books and vampire TV series. More frightening that these, however, is a survey on the front page of Haymer (the Life Insurance Information Centre).

 

We all know that life insurance in Turkey has a very low penetration rate, and life insurers are not held in particularly high esteem by the general public.

 

This simple survey sheds a lot of light on the reasons why. There are just five choices as answers to the question “Do you have life insurance?”

 

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Neck-and-neck at the head of the pensions league

25/05/2010

Following the excitement of last week’s end of the football season in Turkey, where at first Fenerbahçe fans thought they had won and started celebrating only to find out that they had been pipped at the post by Anatolian minnow Bursaspor, things are hotting up at the top of the pensions table as the total funds under management nudges the 10bn TL limit.

 

 Anadolu Hayat Emeklilik has narrowed AvivaSA Hayat ve Emeklilik’s lead to just 4,415 TL.

 

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Don't just do it ....

25/05/2010

Ergo has a new, catchy, advertising campaign: Don’t just insure it: Ergo it!

 

This sounds a bit like the slogan the UK’s DIY centre B&Q came up with a few years ago: Don’t just do it, B&Q it! (B&Q has a joint venture in Turkey with the Koç group. Now that spring is here, garden centres and DIY shops are busy and Koçtaş is one of those doing well out of the sunshine.)

 

Newspapers and our television screens are full of the new adverts. There is also a website in Turkish and a roadshow booked round the country explaining the difference between insuring it and “Ergoing it”:

 

Translated, the campaign says:

 

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