Untitled Document
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Translation of General Conditions for Loan Insurance
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Actuarial exam syllabus for 2012
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Untitled Document
Translation of Amendment to Life Regulations

05/05/2009

REGULATIONS AMENDING THE LIFE INSURANCE REGULATIONS

ARTICLE 1 – Article 3 of the Life Insurance Regulations published in the Official Gazette number 26586 dated 18/7/2007 is amended as follows.            

“ARTICLE 3 – (1) In this Regulation, terms are defined as follows:            

a) Actuary: The person who calculates premiums, reserves and profit-sharing reserves, and prepares tariffs and technical specifications, by applying investment theory, and statistical theory related to the probabilities of demographics and finance, in accordance with the legislative regime, and who is registered with the Treasury as an actuary,

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To Access my Translations you Need to REGISTER

05/05/2009

One of the most popular areas of my site is the translations of legislation into English.

I am not surprised, as the quality of translations available from translation bureaux here frankly leave a lot to be desired. They often contract out to young people who are studying translation at university. They may be able to deal with non-technical subjects (although I have seen some horrendous mutilations of my mother tongue in their productions), but normally resort to word-for-word translation of technical terms in legislation. The foreign practitioner struggling to make sense of the new rules is faced with such bewildering items as Guarantee on Death By Accidentals (ADB), Agent Pay Share (Commission Ratio - this one, I have to admit, is close),  and Statistician's Counted Opposites (mathematical reserves - I bet you couldn't guess that one!).

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Change at the Top for Yapi Kredi

28/04/2009

Giray Velioğlu, the well-respected and successful General Manager of Yapı Kredi Emeklilik, the life and pensions company owned Turkey’s powerful Koç Group, has transferred to the non-life company Yapı Kredi Sigorta. Taylan Türkölmez has been promoted in his place. Previously Taylan Bey was the Assistant General Manager responsible for finance, budgeting and fund management as well as for sales and agencies.

At the end of March 2009, Yapı Kredi Emeklilik ranked the 3rd largest company in the pensions branch by funds under management, and 5th in the life branch by premium production. Yapı Kredi Sigorta was 8th in non-life, measured by premium production.

 

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Unofficial Figures for Life Branch: Q1 2009

28/04/2009

Unofficial figures published today in Sigortacı newspaper show that Life Branch premium production increased by 12% when compared with first quarter 2008. This, in the face of a credit slow-down (much premium production is linked to credit insurance), and a total growth in the insurance market of just 0,34%. 

Life branch premium production for the first three months of 2009 stood at an estimated 516,780,000 TL. This was 15% of the total insurance production of Turkey (excluding the Pensions System, which is reported on separately).

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Top 3 change places in Q1 2009

28/04/2009

Unofficial figures published today show the top 3 companies in the life and non-life markets (excluding the pension system) by premium production for Q1 2009 stayed the same, they just changed places between themselves!

The market leaders were:

Anadolu Sigorta  316,492,000 TL 
Axa Sigorta  308,801,000 TL
Allianz Sigorta  278,615,000 TL

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Insurance market grew by 0,34% in Q1 2009

28/04/2009

Unofficial figures published by Sigortacı newspaper show that total premium production in the Turkish insurance market  (this excludes the important BES individual pensions system!) rose to 3,255,404,000 TL for the first quarter of 2009.

This is an increase of 0,34% over the same period last year. Inflation was 7,89%, meaning that the insurance sector has been hit by the global crisis.

There was good news in the life branch, though, which is 15% of the total. Here premium production rose 12%.

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Foreign Capital - Research Paper by Emre Gözlemen

22/04/2009

An excellent paper by Emre Gözlemen analysing the scope of foreign capital in the Turkish insurance market as at October 2008 has been published on the webiste of the Turkish Actuarial Association. 

Emre Gözlemen notes that Turkey has been keen to attract foreign capital because foreign companies often have large capital resources, and can bring with them new technology, technical know-how, and executive expertise. However, to maximise these benefits, a sensible balance must be found between the interests of the country and the interests of the foreign shareholder.

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Technical profit in the pensions branch for 2008

21/04/2009

Figures published by the Association of Turkish Insurance and Reinsurance Companies (TSRSB) for the 11 pensions companies that are its members (Ing Emeklilik is not a member) showed a consolidated technical profit of 2,003,666 TL for 2008. 

 

However, as can be expected in a new branch where many players have not yet reached critical mass, the consolidated small profit is the total of a number of individual large lossed and individual large losses. 

 

Aviva SA, the market leader on funds under management, was not surprisingly the leader on technical profit, with a profit of 34.85 m TL.

 

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Consolidated Results for the Pensions Branch 2008

21/04/2009

In 2008 companies operating in the pensions branch made a small technical profit of just over 2 million TL. 

 

Figures published by the Association of Turkish Insurance and Reinsurance Companies (TSRSB) show a consolidated technical profit of 2,003,666 TL for 2008. These figures cover 11 of the 12 companies operating in the pensions branch – Ing Emeklilik is not a member of the Association as it has no activities outside of the pensions branch.

 

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