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Staggered start to Automatic Enrollment
Demir Hayat now owned by EMF New Europe Insurance Fund
Government's plans for our sector in 2017
BES pension funds now as popular an investment as term bank deposits
Treasury reminds employers of their responsibilities under Automatic Enrollment
Tourism crisis and coup attempt hit unemployment
Takaful insurance trade association formed
Nothing's certain except death and taxes
Government rethinking their plans for mandatory private pensions
Translation of Sectoral Announcement no 2007/21
Untitled Document population premium waiver Aegon 2012 Katılım Hayat ve Emeklilik death 2023 health Islamic finance Asya Emeklilik
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Articles
Term-life market: 100 not out
 

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
 

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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SWOT analysis on Turkish insurance industry
 

Turkey is always a crazy conundrum. One expat friend of mine describes it as “the agony and the ecstasy” of living here. The very factors that excite our senses and enliven our imaginations can at the same time be the ultimate sources of frustration and even pain.

“How much longer?” is my usual cry when I discuss with someone the fact that, given all of the economic and demographic data we have to hand, it is obvious that at some stage in the future the Turkish insurance market must achieve growth and take its place as a strong contributor to Turkey’s GNP, just as the insurance industry is across most of the developed world.

A SWOT analysis included in the Insurance Association’s report “Shaping Our Future: 2023 Vision for Turkish Insurance and Pensions Sector” comes to the not-unsurprising conclusion: the Turkish insurance market has an unfulfilled potential.

 

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Non-life insurance: 100 not out
 

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 non-life branch premium increasing fourfold to 63 billion Turkish lira, maling Turkey the 16th largest non-life market in the world.

 

First of all, this is the “high aspiration growth scenario”. As actuaries, we are used to scenario testing. Using full stochastic methodology we would run a model on a range of assumptions, all calibrated to represent the probable likelihood of them coming true. In presenting the results to our clients we may choose to illustrate a few of these scarios calling them “market consistent” or “best-estimate” or “pessimistic” or “optimistic”. We may prefer to use euphemisms rather than the latter two, choosing to call them “cautious” or “aggressive” respectively.

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The Association of Insurance Companies soon to include Pensions!
 

Article 36 of the draft law relating to the Personal Pension system, submitted to Parliament at the end of April, changes the name of the organisation we call “the Birlik” for short from “Türkiye Sigorta ve Reasürans Şirketleri Birliği” (The Association of the Insurance and Reinsurance Companies of Turkey) to “Türkiye Sigorta, Reasürans ve Emeklilik Şirketleri Birliği” (The Association of the Insurance, Reinsurance and Pension Companies of Turkey).

 

This seemingly minor change has important consequences. It will bring issues relating to the Personal Pension System into the Birlik’s remit and give the sector one roof under which to discuss and analyse issues affecting it, suggest changes through working committees, and lobby Parliament, the Treasury and other policy makers.

 

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