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
Has it finally caught on?

16/04/2013

The changes to the tax advantages for the BES Personal Pension system in Turkey effective 1 January 2013 have been heavily advertised on radio and television, with insurance companies vying for the new business it is expected to generate.

But have we seen an increase in uptake? Statistics published weekly by the Pensions Monitoring Centre (EGM) show a considerable increase in participants in the system over the first 3 months of 2013. At 29 March 2013 there were 3,431,007 people with a pension plan, compared with 3,119,033 on 28 December 2012 – an increase of some 10%.

Increased participant numbers for the first 3 months of 2013 were:

January – 114,798
February – 78,554
March – 118,622
 
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Allianz in Alliance: A Reverse Takeover

16/04/2013

The recent deal announced where Allianz is buying Yapı Kredi Emeklilik for some 684 million euro, if approved as expected by the Treasury and the Monopolies Commission, will lead to a merger between the two companies in Turkey.

The new company created will be a major giant in the life, pensions and health sectors in Turkey, catapulting Allianz from a low ranking to top 3 in all of these sectors. While Allianz is buying YKE, the lion’s share of the merged company will come from YKE.

Not only that, the deal gives Allianz access to Yapı Kredi bank’s 6.5 million customers, spread between 928 branches.

Let’s look at the likely market-rankings for Allianz-Yapı Kredi:

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A falling birth-rate in Turkey

12/04/2013

Turkey’s birth rate is higher than that in most European countries, but the birth-rate is gradually falling. In 2012 there were 1,286,828 live births; this figure had fallen by 0.3% to 1,283,062 in 2013. The male/female ratio for babies last year was 51/49.

The rate of total fertility is defined as the average number of children that can be birthed by a woman through her reproductive years of ages 15-49. In 2012 the Turkish Statistical Institute calculated this statistic as 2.09 children. For 2013 this had fallen to 2.07. There were marked differences between the different regions of Turkey, with women in the south-east of the country continuing to have more children.

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Burgan Bank selects AvivaSA

01/04/2013

A new face on the Turkish high street is Burgan Bank; it was established in Kuwait in 1977. An increasing amount of capital is flowing into Turkey from the Middle East, and on 21 December 2012 the Burgan Bank Group purchased 99.26% of the shares in Turkey’s Eurobank Tekfen.

The purchase is now complete; the signs above the bank branches have been changed. In a market dominated by bancassurance any new bank or change of ownership signals the start of negotiations to choose a life and pensions partner. For the insurance companies who do not have a bank in their group, the ability to sign up a new bank as a distribution channel is of vital importance, no matter the size of the bank’s customer base.

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Expectations for Yapı Kredi purchaser

28/03/2013

Turkish papers today are reporting unofficially that an announcement will be made later this week to say that Allianz is the purchaser of Yapı Kredi Sigorta.

The sale price is expected  to be around 950 million euros. Neither Allianz nor Yapı Kredi have commented officially.

Sources close to the deal have said that Dai-chi of Japan only wanted to purchase the life side, but Yapı Kredi preferred a sale of both parts. Zurich was also rumoured to be in the running.

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Term-life market: 100 not out

28/03/2013

The Insurance Assocation’s report “Shaping Our Future: 2023 Vision for Turkish Insurance and Pensions Sector” sets some heady targets for the industry by the time the Turkish Republic reaches its century.

 

In this article I want to flesh out some of the factors behind the headline figure of the market for term life insurance increasing from a current premium of 2 billion TL to 16 billion TL. 

First of all, this is the “high aspiration growth scenario”; there is also a l less aggressive “accelerated growth scenario” which naturally enough did not attract such media attention (see my non-life article for comments on this).

The current real compounded annual growth rate of term-life GWP is 30%. Penetration, when measured as GWP divided by GDP, is a paltry 0,16%.

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Life and pensions market: 100 not out

21/03/2013

The Insurance Assocation’s report “Shaping Our Future: 2023 Vision for Turkish Insurance and Pensions Sector” sets some heady targets for the industry by the time the Turkish Republic reaches its century.

 

In this article I want to flesh out some of the factors behind the headline figure of growth in Funds Under Management in Life and Pensions from 13 billion TL to 408 billion TL. This would be a compunded annual growth rate of 28% (c.f. current 18%), and would move Turkey from 49th to 30th position in world rankings on FUM.

First of all, this is the “high aspiration growth scenario”; there is also a l less aggressive “accelerated growth scenario” which naturally enough did not attract such media attention (see my non-life article for comments on this).

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Two state banks who own insurance companies to be privatised

17/03/2013

There has been intense speculation in Turkish newspapers this month suggesting the government plans to sell up to a quarter of Ziraat Bankası in 2014. This would be one of Turkey’s largest privatisations. Some observers even commented the listing could happen this year.

Ziraat Bankası owns 99.96% of Ziraat Hayat ve Emeklilik AŞ.

Deputy Prime Minister, Ali Babacan, refuted the claims, saying in a television interview that “VakıfBank is the priority in public offerings. I see the possibility of an IPO for Ziraat Bankası this year as quite low.”

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How Much Will the New “Government Contribution” Cost?

14/02/2013

Turkish television and radio advertisements are flooded with pensions companies advertising the new government contribution: 25% of the individual’s contribution up to the level of 25% of the annual minimum wage. Unlike the old tax relief, which only applied for those who were taxpayers, this new contribution applies to every Turkish citizen over the age of 18.

Everyone expects the change to increase the number of participants in the system. Even the bears acknowledge this. The most bullish projections come not from the pensions industry itself, but from the Ministry of Finance.

Economists in the Ministry of Finance and the Treasury have certainly costed the 25% extra contribution on a variety of scenarios. Dünya newspaper made its own projections based on the system growing by 10% per annum and came up with a total extra cost (over and above the previous tax-relief based system) of 6.5 billion TL, assuming that there was no change at all in the number of participants nor in the amount they paid in to the system.

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