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
Smoking: Turks gradually kicking the habit

16/08/2013

Turkey’s indoor smoking ban took effect in July 2009 and it seems to have resulted in a major reduction in tobacco consumption. The Turkish Statistical Institute’s figures show that back in 2008 31.2% of Turks over the age of 15 smoked.

According to current figures this has fallen to 27.1%.

The report further states that 6 out of 10 smokers would like to quit. 12.9% are considering giving up tobacco products within a month, and another 35.4% are thinking about quitting within 12 months.
 
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Allianz has invested 1.1 bn euro in Turkey

30/07/2013

Allianz Turkey CEO Solmaz Altın has underlined Allianz’s commitment to the Turkish market by reminding the press that up till now the German insurance giant has invested over 1.1 billion euros.

Following the completion of their recent purchase of Yapı Kredi Sigorta and Yapı Kredi Emeklilik, the group is explaining its strategy for the market. This can be summarised as: “to take the Turkish market to a new dimension.”

They express they feel a great responsibility rests on their shoulders as they possess a 16% market share in non-life, 22% in the pensions branch, are the largest pensions company when measured by FUM and with over 400 agents have the largest agency network.

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560,000 new participants in 6 months

17/07/2013

It looks like the policy of giving a 25% State Contribution to the BES pensions system is working. Statistics published yesterday show that sales of new pension agreements have beaten all government expectations.

It was predicted that the new arrangements would result in an extra 600,000 Turks taking out private pensions during 2013. But in 6 months the sector has almost reached the year-end target! Between 1 January and 30 June 2013 the total number of participants in the BES pension system increased by nearly 560,000. 

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AvivaSA aiming for 20% market share

10/07/2013

AvivaSA CEO and Sabancı family member Meral Eredenk has just given a very bullish statement to the Turkish market about their aims for the year end 2013.

In her review of the first 6 months of 2013 she pointed out that the company’s efforts to develop their personal pensions business even further are yielding speedy results as the number of people joining the BES pensions system each day is increasing due to the attractiveness of the State Contribution.

“We are aiming for FUM of 5.5 billion TL by the end of 2013. We have made an excellent start to 2013 and believe that at this time our multi-channeled approach to the market is the correct strategy. We are aiming high.”

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I've received my "devlet katkısı" - have you?

07/05/2013

The promise of a state contribution (“devlet katkı”) has sparked new life into personal pension sales, with a direct contribution from the government of 25% of your own contribution (up to certain limits).

Until a week ago, this was just a promise, as the pensions companies, the Pensions Monitoring Centre, investment managers, the Capital Markets Board and the Treasury were busy working on the necessary IT and investment fund infrastructure to make it possible.

But on 30th April, a few hours before accounts closed for the end of the month, the first payments of state contribution reached pensions companies and were reflected in participants’ pension accounts.

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Regulations Governing the State Contribution in the Personal Pension System

07/05/2013

29 December 2012  SATURDAY                    Official Gazette                                         Issue : 2851

From the Undersecretariat of the Treasury:

REGULATIONS GOVERNING

THE STATE CONTRIBUTION

IN THE PERSONAL PENSION SYSTEM

 

Translation © Marion James, www.turkeyinsurance.info

 

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Obesity, hypertension and related health issues in Turkey

28/04/2013

The results of Turkey’s Health Survey 2012 just published by Turkey Statistical Institute (TÜİK) make fascinating reading for actuaries involved in mortality projections and pricing life, critical illness and health products.

The headline figures relate to the BMI and obesity statistics. 17.2% of over 15s in Turkey are classed as obese – with a BMI over 30. 34.8% are counted as overweight (BMI: 25-30), 44.2% as normal (BMI: 18.5-30) and 3.9% as underweight (BMI under 18.5).

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Incidence rates for illness and disease

28/04/2013

Tables published as part of Turkey’s Health Survey 2012 issued by Turkey Statistical Institute (TÜİK) this month contain information about incidence rates of certain illnesses and diseases, of relevance in pricing for life, disability, critical illness and health products.

The analysis in this article is based on table 4 which covers the percentage of diseases/health problems diagnosed in the over 15 population by a medical doctor. A similar table, table 3, contains data on the incidence rates of the same illnesses and diseases, but based on self-declaration. As expected, rates in table 3 are some 1-3 percentage points above those in table 4.

The number one medical condition listed in the table is hypertension, with a diagnosed incidence rate of 12.8% (8.5% for males and 17.1% for females).

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Old at 65?

18/04/2013

Last month, as part of Turkey’s “Respect for the Elderly Week”, the State’s Turkey Statistical Institute published a news bulletin containing a number of interesting tables of information relating to the structure, education level, marital status, and income levels of Turkey’s elderly population. These statistics are of interest to any insurance company offering insurance products to seniors, in particular they are relevant to the debate about annuity products.

 In 2012, the percentage of Turkey’s population aged over 65 was 7.5%. This is astonishingly low when compared with the European average of 17.5% in 2011. The UK’s figure in 2011 was 16.7%. In Japan, one of the world’s most elderly populations, some 23% of the population were over 65.

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