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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
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
Untitled Document population premium waiver Aegon 2012 death Katılım Hayat ve Emeklilik 2023 health Islamic finance Asya Emeklilik
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Whose fault? 2011 returns below inflation


Inflation jumped drastically in the last 2 months of 2011, leading to most life insurance companies in Turkey being unable to give a return in excess of inflation to savers.

The Life Insurance Regulations require company actuaries to send a report to the Treasury giving the reasons why their fund return did not beat inflation, and detailing steps taken to rectify the situation.

New statistics no surprise to actuaries!


The Turkish Statistics Institute (Turk-Sat) has just started to issue annual statistics concerning deaths in Turkey. None of the headline figures will come as any surprise to actuaries, although newspapers are busy reporting them. The really interesting information will be in the details, which soon will be on their website. The publication covers death figures, broken down into sex, age and region.

According to the report, 367,971 people died in Turkey in 2009.

Don't launch a takeover the middle of March


Why not? Because it will be impossible to find an actuary in Turkey during the middle two weekends of the month, for we will all be in training!

Mirroring the requirements for CPD around the world, the regulations governing our Actuarial Registration and Practicing Certificates require 5 days of training over 2 years.


Congratulations to Bahçeşehir students


The Treasury has just published the results of Level 1 of the 2011 Actuarial Exams, which were held between the 18th and 26th June in Ankara and Istanbul.

Congratulations to my former students from the Masters class at Bahçeşehir University who have passed and chalked up another notch in their journey to become a qualified actuary:

Basic Insurance and Economics: (45 candidates passed) Alper SEVİNÇ, Pınar ATASOY and Sercan GÜLER

Go compare? Go get registered


A Turkish internet site, ortakgise.com (“joint ticket office”) has got itself into trouble with the Turkish Regulator.

In a press release dated 15 July, the Treasury has warned that the website is offering insurance services, without having gained the necessary prior permissions. It says “Investigations are underway into the above named website. It is important that organisations such as this are not respected, so that citizens are not exposed to loss.”

Ortakgise is one of a number of companies that sprang up in Turkey to accept payment of bills for utilities and a whole range of other services from university fees to pre-paid cards.

US leader MetLife wins Denizbank race


Will Deniz Emeklilik switch its advertising from Robinson Crusoe to Snoopy? At the end of June MetLife, the USA’s largest insurer, announced it had been successful in the hard-fought battle to purchase Denizbank’s shares in Deniz Emeklilik, giving it a bancassurance distribution network in Turkey. Denizbank is owned by



Apart from being famous as having financed the construction of the Empire State Building, MetLife is known in the US for its adverts featuring the loveable characters from the Peanuts cartoons.


More smoothing to IBNR results


How to introduce a stronger reserving basis is always a tricky issue. Regulators wish to see higher reserves where necessary to protect policyholders. However a large change to a reserving basis can not only adversely affect profits in the period it is introduced; if the company has insufficient free reserves to cover the increase and any associated solvency margin, shareholders may need to pump capital in to the company to shore up reserves.

AvivaSA to go to IPO soon?


In a press release last week, Sabancı Holdings (local shareholder in joint-venture life and pensions company AvivaSA) announced that they were considering a public offering of shares in four of their companies that they viewed as having great potential. These companies included AvivaSA.

The 12 Sabancı companies already quoted on the Istanbul Stock Market (IMKB) already comprise 13% of the market value of the Stock Market. Sabancı Holdings is Turkey's largest company by net asset value. Its net asset value of 14 bn dollars exceeds its market value of 10,6 bn dollars, leading CEO Zafer Kurtul to emphasize the potential for growth in their market value.

IBNR: Changes from 30 Sept 2010


 A new directive from the Treasury gives management the discretion to choose a best estimate for their IBNR (estimate of Incurred But Not yet Reported claims reserve) from a range of reasonable values.

Broadly speaking, five different methods are prescribed:

  • Standard Chain Ladder
  • Naive Loss Ratio
  • Cape Cod
  • Frequency/Severity
  • Munich Chain
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