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7 billion of funds in BES system!


As predicted recently (see article here), funds under management in Turkey’s Individual Pension system (BES) broke through the 7 billion TL barrier in the week ending 10th April





Figures from the EGM (Pensions Supervisory Centre) for 10 April 2009 show total funds under management in the BES system reached 7,045,567,000 TL.


Market Trends: Another example of brand leverage


Uniting a strong local name with a foreign group to create a strong brand is not new to the Turkish market. Before the Koç group and the Army Pension Fund (Oyak) sold their shares, Koç Allianz and Axa Oyak were among the best known names in the Turkish market. Aviva SA and Başak Groupama are other examples of a strong international brand being mixed with a strong Turkish one.

Now Türkiye Genel Sigorta, a player in the Turkish market since 1948, has rebranded following the Spanish insurance group’s purchase of nearly 80% of its shares in 2007. 

With effect from 7th April 2009, the company has been renamed Mapfre Genel Sigorta A.Ş. and the new logo combines the names of the two groups.

Rent protection


With the introduction of unemployment insurance, companies in Turkey are finding creative ways to package the product.

Mapfre Genel Yaşam has an attractive product targeted at the housing rental market.

Kirelax (a pun on the Turkish word for rent: kira) is being positioned like a medicine to help out both rentors and landlords in the current uncertain economic climate.

The vast majority of people in Turkish large cities live in rented accommodation, and many landlords have more than one property - the majority of their income coming from rent.

Actuarial Association: new Executive Council for 2009/10


The Actuarial Association of Turkey has once again chosen Ömür Şengün to be its Director.

At their Annual General Meeting, held on 28 March, the Actuarial Association voted on its five member executive council.

At its first meeting, held today, the council divided the roles between themselves as follows:

Director:                       Ömür Şengün

Assistant Director:        Ayşe Sezik Türükölmez

BES Pension System Clear Stratification by Size


Twelve companies are competing for business in Turkey's crowded individual pensions market (BES - Bireysel Emeklilik Sistemi). Axa has announced it is planning to launch a pensions company later this year, and a few other candidates are waiting in the wings.

Establishing a company requires huge capital investment, not least in a state-of-the-art IT system, as well as seed financing to start the unit-linked funds offered to BES participants. So pensions companies can expect a very large new business strain, only turning to profit in later years when the generous charges on funds under management begin to flow through.

Pension Funds head towards 7 billion TL


Statistics published by the EGM (Pensions Monitoring Centre) show that in the BES pensions system in Turkey is heading towards another psychological barrier.

The number of participants broke through the 1.75 million limit in January 2009, and now total Funds Under Management are rapidly approaching 7 billion TL.

At 3 April 2009 total FUM in the BES system amounted to 6,949 million TL.

Allianz signs deal with ING Bank


 The Turkish life insurance market is dominated by banassurance. Any insurer without a bank distribution partner struggles to make any real impact in the life branch.

Allianz has announced that they have signed a bancassurance deal with ING Bank. ING's 361 branches in Turkey and 5 branches in Northern Cyprus will start to sell Allianz's products.

ING Bank was formally Oyak bank - the bank of Turkey's Army Benevolent Fund. Purchased by ING last year, it used to be part of the Axa-Oyak group, and distributed Axa's products.

Production figures for the first 2 months of 2009 published today


The Association of Insurance and Reinsurance Companies of Turkey (TSRSB) today published production figures for Feb 2009 YTD on their website.


Key highlights are:


Total production:    


For general insurance the top three companies were Anadolu, Axa and Allianz.For life the top two companies were Başak Groupama and Anadolu.


There's no such thing as a free lunch or a free assistance rider!


Thanks to article 1 of the “Teknik Karşılıklarla İlgili Mevzuatın Uygulanmasına İlişkin Sektör Duyurusu” (Sector Announcement Related to the Application of Legislation Concerning Technical Reserves), such services can no longer be free. Insurance companies must split out the premium for assistance services separately, show costs they pay for these services in their claims, and calculate UPR and OCR for these services.

 In recent years there has been a trend to add free assistance services to insurance policies. These are attractive from a marketing point of view: buy our health insurance and we will send an ambulance if you are injured, buy our household insurance and we will send a  locksmith if you forget your keys etc.

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