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2008 policy production: emphasis is on group policies for credit life


Data published by TSRSB (The Union of Insurance and Reinsurance Companies of Turkey) shows production is 2008 by number of policies was about two-thirds of that in the previous year, but by number of policyholders showed a 20% increase. This demonstrates the switch from individual to group business, mainly in the area of credit-life.


In 2008 life insurance companies issued the following number of policies:


Accident Branch:             733,352

Health Branch:                  86,138

Annuity policies:                     517

Life polices:                  2,664,916

How free is a free tariff?


The amendment to the Life Insurance Regulations published on 13 January 2009 and effective March 2009 promised us a new era in life insurance. (Click here for a full translation).  


Recent specifications published by Haymer cast doubt on this, and Gaffar Erbek of the Treasury made the position clearer at a sectoral meeting last week.


With the exception of annuity products, all life branch products were expected to be switched to free tariff, with the previous approval system being replaced by a ten day review period by the Treasury. 

HAYMER Begins to Take Shape


 HAYMER – HAYat Sigorta Bilgi MERkezi – The Information Centre for Life Insurance was established under Treasury Regulations as an electronic centre under the auspices of the Insurance Information Centre. Its brief is to become the centre holding electronic information on all activities within the life insurance sector. Similar centres SAGMER, TRAMER and HATMER focus on health and traffic branches, and claims respectively.


The Regulation that established HAYMER defined its aims as to generate reliable statistics on insurance products offered in life and accident branches, and to make the regulator’s monitoring and auditing of these branches more effective. 


Unearned Premium Reserves: Half a Day!


   Insurance policies in Turkey usually start at 12:00 midday on the commencement date and end at 12:00 midday. This small nuance has traditionally been ignored by insurance companies when calculating Unearned Premium Reserves, actuaries just accruing the premium on a 365ths (daily) basis.

 Sector Announcement 2009/09 dated 27 March 2009 puts an end to this practice, and requires actuaries to recognise this half a day when calculating the UPR. So, for a policy commencing on 31 March 2009, 0.5/365 of the premium is assumed to be earned in the first quarter 2009, with 364.5/365 of the premium being unearned.  

Translation of General Conditions for Loan Insurance





A.1 Subject of the insurance

 The insurer guarantees, in the case of the life insured’s being temporarily unable to work due to unemployment or accident or illness, the contractual payments of the life insured which are set out in the policy up to the limits of the maximum sum insured and period. 

A.2 Definitions

 The definitions included in these general conditions are as follows:

Unemployment Riders available on Credit Life


Following the new General Conditions for Debt Repayment Insurance (click here for news on this) effective February 2008, a number of banks are adding unemployment cover to the insurance they offer for mortgages or consumer credit.

Halkbank was the first to launch a product, available only to employees (therefore excluding the self-employed).  This pays your monthly loan repayment for up to twelve months in the case of unemployment.

Fortis has just announced their product.  Employees can be covered for unemployment, self-employed covered for temporary disability.

Axa Oyak: French increase their ownership


Axa has increased it stake in Axa Oyak, the life and general insurance joint-venture between French insurance giant and Oyak, the Turkish Armed Forces Benevolent Fund.

Oyak sold its share in the non-life and life companies to Axa for 525 million US$.

Axa now owns 100% of the Holding company, Axa Oyak Holding A.Ş., which owns 70% of the non-life company Axa Oyak Sigorta A.Ş., and 100% of the life company Axa Oyak Hayat Sigorta A.Ş.  The remaining 30% of the non-life company is owned by Ziraat Bankası, TPAO (Turkish Petrol Partnership) and a few minor shareholders.

Distribution Deal between Post Office and HDI insurance


HDI Insurance has just signed a distribution deal with the Post Office (PTT).

In the first phase of the project, 986 major post offices throughout the country will sell HDI policies to indidvuals.  The products to be offered are mandatory third-party car insurance, mandatory earthquake insurance for buildings ("DASK"), personal accident, emergency health cover and travel insurance.

HDI is owned by German insurer Talanx.  By using the Post Office as a distribution channel, this new venture can be expected to widen the scope of insurance in Turkey, by reaching customers who previously had no insurance cover.

TSEV Educational Seminars


The Turkish Insurance Educational Foundation continues its mission of providing good quality training for members of the Turkish Insurance Industry.

The program for February and March has just been announced.  All seminars are free, and held in the comfortable auditorium of Milli Reinsurance, in Nişantaşı.

Details are as follows:

13 February 18:00–20:00 ‘An evaluation of the development of the Turkish Insurance Sector, and integration with the EU’.  Speaker: Dr. Ahmet Genç, head of the Insurance branch of the Treasury

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