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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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Warning shots? A reminder from the Treasury about bancassurance


Last week the Treasury issued Sectoral Announcement 2012/5 dealing with “points to be careful about” in insurance issued by credit institutions acting as agents for insurance companies – a lovely euphemism for an indirect rap over the knuckles.


The Treasury’s three main shots across the bow are:

  1. to emphasise that, no matter whether the deal is structured as an individual or group product, the credit institution is really the agent and the insurance customer is really the person taking out the loan
  2. to insist on adequate disclosure of information
  3. to stop insurance companies relying on general information and clauses embedded in the credit agreement

Goodbye to "Deniz Emeklilik" and "American Life" ...


.... hello “MetLife Emeklilik”

Following their purchase of Deniz Emeklilik last year, from 2 April 2012 MetLife have merged their American Life activities into it, and changed the name of the company to MetLife Emeklilik ve Hayat A.Ş.

And, just proving that actuaries really can predict the future, in line with my tip in a previous article, the company’s General Manager Deniz Yurtseven has announced that the “happy and charming” dog Snoopy will be the new face of the brand.

More details emerging of the government’s plans for the BES personal pension system


A few weeks ago State Minister Ali Babacan’s announcement that in order to increase the savings ratio in Turkey radical changes will be made to the BES system stirred hopes in the industry that the changes will make BES more like a pensions system and less like a medium-term savings plan.

Whilst the government’s proposals are still very much at the draft stage, it appears they are examining the desirability and feasibility of the following ideas:

1.     Switching the tax relief from being given at source to being a payment into a fund

2.     Limiting the ability to “take your money and run” whenever you like

3.     Making the system compulsory for certain professions

Personal pension system: 2011 year end rankings


Year end 2011 statistics from the Pensions Monitoring Centre show that the total size of the personal pension system in Turkey (BES) has grown to:

* 2,650,128 participants                   and

* 14,308.7 million funds under management

Most companies have experienced very little change in rankings over the last few years. This means that the clear demarcation in the sector into four groupings based on size is pretty much unchanged. But there have been a few switching of places: the most notable being that Anadolu Hayat has overtaken Aviva SA.

The top 2 companies make up 42% of the market by FUM; the top 4 a mighty 74%!

Turkey's rate of population increase slowed in 2011


Population statistics for 2011 show that the Turkish population increased by 13.5 per mille in 2011, reaching 74.7 million people. 

This is lower than 2010, when the population increased by 15.9 per mille, and 2009 when the population increase was 14.5 per mille. 

Turkey used to count population in periodic censuses. Now, with the computerisation of population records, it can be calculated annually. Every citizen is required to register with their local population office, and notify them of a change of address, and the offices are connected to a major database. Mining of this database in 2011 showed that in 2011 76.8% of Turkey's population lived in urban areas, with 23.2% in the countryside. 

Actuarial exam syllabus for 2012




When defining the principles underlying the actuarial examinations to be set in accordance with the “Actuarial Regulations” that were published in the Official Gazette number 26614, dated 15 August 2007, and which have been in force since 1 January 2008, the generally accepted principles defined in the EU and other countries for the professional quality of actuaries were applied. In line with this, the scope of the examinations has been set with regard to the scope of international examinations.

The scope of the Actuarial Exams for 2012 is set out by subject below. Books shown under “Some Useful Resources” given for each examination are listed in order of their relevance.

If you are preparing for actuarial exam 2.2 I have a copy of “Neill” in my cupboard!


The Treasury has published a list of the actuarial exams and the topics to be included in the syllabus for 2012. For each subject, recommended textbooks are given. Sadly a reflection on the development of actuarial training here, most of them are in English (the main exceptions to this are subjects 1.2 (basic economics) and 2.1 (accounting and financial reporting).

Registered users of this site can access a translation of the exam syllabus here.

An “old friend”, the textbook I used for Life Contingencies back in 1988 (probably around the time some of the candidates for the Turkish exam were born) for the Institute of Actuaries’ exams, appears on the list for exam 2.2 (life insurance mathematics). When first designing a year-one course for my masters students at Bahçeşehir University I brought it with me to Turkey, and I have a copy gathering dust in a cupboard.

Don't Leave Me Hanging On ...


Turkey's Information and Communication Technologies Authority (the "BTK") has just issued new rules governing call centres that may eventually affect the insurance industry. No more having to go through at least 20 menus before you reach a human being! No more being left in a queue for what seems like hours listening to music with an occasional "we are sorry, but all our operators are busy" message thrown in for good measure.

Currently the rules only apply to telephone and internet service providers, but it may not take long before similar standards are required of insurance call centres. Even if they do not become mandatory for our industry, the fact that they are mandatory for telephone and internet service providers will mean that customers' expectations will change in line with them, and they will become the basis for best practice.

Radical changes afoot for the BES personal pension system in Turkey?


Last Wednesday, Minister of State and Deputy Prime Minister Ali Babacan, gave a number of important messages concerning the government’s plans for the business and finance sector.

Amongst these was the bombshell that a completely new system was planned for personal pensions, and that with the transfer to this new system it is expected that savings will increase.

The government’s program is clearly at very early stages in this area. Babacan announced that further information will be given when the necessary technical preparations have been completed.

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