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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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Asya Emeklilik bullish about Islamic-finance PPP market


Asya Emeklilik was the first pensions company in the Turkish market to use Islamic-finance methods. With the launch of a second company, Katılım Hayat ve Emeklilik, in November 2013, they now have a rival. But General Manager Türker Gürsoy sees this as a benefit rather than a threat, as it will enable the interest-free finance sector in Turkey to grow further.

Asya Emeklilik markets 7 different participatory funds to its pensions customers. Later in 2014 they are planning to add a fund that invests in rental income denominated in foreign currency to their offering.

Investments worth their weight in gold


The two most important investment vehicles in Turkey have for decades been the Under-the-pillow Bank and a bride’s gold.
In recent years Turkish banks have cast their eyes jealously over this part of the investment landscape and launched products aimed at attracting the golden investor. The value of bank deposit accounts linked to gold have increased 15 fold in the last 3 years and many investment funds linked to gold have been launched.
Not to be outdone, BES pension providers have also launched pension funds linked to gold. Figures for the end of last year showed the total amount invested in gold funds (both within the BES system and without) came to some 10,000 kilograms of gold!

130 mn TL profit for Ziraat Emeklilik


 Life and pensions company Ziraat Emeklilik has announced its 2013 results.

Profit: 130.3 million TL
Assets: 1.6 billion TL
Free assets: 226 million TL
The company which writes a large amount of life business related to loans issued by one of Turkey’s largest banks, Ziraat Bank, focused during the year on improving its loss-ratio in the life branch.
Support for Soma victims from the Actuarial Association of Turkey


All of Turkey was plunged into grief by the tragedy in the mine at Soma in Manisa province earlier this month. On 13th May, 301 miners lost their lives as a result of a fire.

Families of those who died are entitled to compensation. “Destekten yoksun kalma tazminat” is a benefit common in Turkey, paid to the financial dependents of someone who dies in an accident. The amount to be paid depends on the income of the deceased and their age at death; it requires an actuary to calculate and certify the capitalised value of the loss of future income.

Members of the Actuarial Association of Turkey are offering their support to the widows and orphans in the Soma tragedy by carrying out these calculations free of charge.

Estimating the total population mortality rate for 2013


It’s the time of the year when the Turkish Statistical Institute publishes its death statistics for the previous year. Actuaries are synonymous with mortality rates, so these figures are of great interest to us. Sadly, as reported last year, the published figures only give details about the number of deaths – equivalent to the dx’s of a total population mortality table.

Nevertheless they are still useful. The total number of deaths recorded in Turkey in 2013 was 327,094. Of this figure 205,028 related to men and the remaining 167,066 related to women.

So far, so good; but we’re really interested in the qx’s – the rate of mortality by age and sex of the total population

Skyscrapers and the move to Asia


Levent, Karaköy, Nişantaşı …. it used to be that all of the insurance companies in İstanbul were in the same neighbourhood. But with the development of new office business districts companies are on the move.

Avoiding the nightmare of İstanbul’s rush hour traffic, with horrendous jams on each of the bridges than span the Bosphorus, a significant number have crossed to the Asian side of the city.
Some of these office blocks are small and purpose-built. Others are giant skyscrapers.  With the wealth of new office construction that has taken place in recent years, Turkey now has the highest number of skyscrapers (office blocks over 70 metres tall) of any country in Europe, with 417 of them.
Fitch bullish about Turkish insurance market


Ratings agency Fitch has issued a bullish outlook stating that the Turkish insurance market is growing strongly, driven by economic growth, favourable demographics and an expanding middle-class.

Their report says, “The Turkish non-life market made a strong profit of 768 million TL in 2013 (260 million euro) after four years of poor results. The improvement was driven by hardening rates in motor pricing, a reduction in reserve strengthening and improved investment returns.”

On the subject of solvency, they noted that regulatory solvency is strong in the Turkish market, and in particular the life market has sufficient capital in their view to withstand shocks in the near term.

Circulatory system disease and cancer the biggest killers in Turkey


The Turkish Statistical Institute has just published figures related to causes of death for the 2013. When added to last year’s statistics covering 2010-2012 we gain a detailed picture into the effect of Turkey’s biggest killers over recent years.

Over 50% of the deaths in each of these four years were due to diseases of the circulatory system (mainly heart-attacks and cerebra-vascular disease) and cancer.

For 2013 nearly 40% of deaths were related to the circulatory system and just over 20% related to cancer. 

For cancer, the major killer is lung cancer and cancer of the respiratory system.

Sectoral Announcement concerning the actuarial report to be prepared covering health insurance


  From the Treasury                  8/4/2014

In the Regulations for Private Health Insurance published in the Official Gazette number 28800 on 23/10/13, subsection 2 of article 13 entitled “the requirement to employ a health professional and the actuarial report” directs that,
“The actuary sends a report to the Insurance Information and Monitoring Centre on the company’s activities relating to private health insurance prepared with effect from the year end in accordance with the methodology and principles laid down by the Treasury... 
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