1 / 10

Latest Developments in the Turkish Insurance Sector

Latest Developments in the Turkish Insurance Sector. Dr. Ahmet GENÇ General Director of Insurance Undersecretariat of Treasury. Plan Regulatory Changes, International Standards 2007, Insurance Law no. 5684 and beyond IAIS , ICP ‘s and Turkey’s Position Solvency II Developments in 2012

dorie
Download Presentation

Latest Developments in the Turkish Insurance Sector

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. LatestDevelopments in theTurkishInsuranceSector Dr. Ahmet GENÇ General Director of Insurance Undersecretariat of Treasury

  2. Plan Regulatory Changes, International Standards • 2007, Insurance Law no. 5684 and beyond • IAIS , ICP ‘s and Turkey’s Position • Solvency II • Developments in 2012 Indicators • Basic Figures • Some Characteristics of the Market The Future

  3. Regulatory Changes, International Standards 2007, Insurance Law no. 5684 and beyond • Licensing • Reserves • Solvency/Capital Adequacy • Liquidation • Intermediaries • Loss adjusters • New institutions (SBM, SEGEM, Arbitration Commission. SAİK, SEİK)

  4. Plan Regulatory Changes, International Standards IAIS , ICP ‘s and Turkey’s Position - FSAP Evaluation of 2011 results - 0 NO - 9 PO - 9 LO - 10 O

  5. Regulatory Changes, International Standards • Solvency II • QIS 4 Study finished in 2010 • QIS 5 Study finished in 2011 • Insurance companies readiness and awareness level increased. • Differences between present capital adequacy system and Solvency II calculation detected.

  6. Regulatory Changes, International Standards • Developments in 2012 Last Changes in Insurance Law • Assistance services • Changing Blokade/deposit rules • Arbitration intermediary fees • Compulsory insurance control • Risk Centers • Last Changes in Private Pension Law • Changing the incentive system, from tax exemption to government contribution • Participants having the government contribution rights gradually starting from 3 years. • The implementation is going to start on 1’st of January 2013. • Other Changes • Enlarging role of the TCIP

  7. Indicators • Basic Figures • Premium production • 17,2 billion TL (2011, 22% increase to 2010) First half of the 2012 premium increase is 13%. • Motor insurance has 39% share, following life 16%, fire/disaster 13% and health 12%. • Players • 59 İnsurance, reinsurance, pension companies • 92 brokers • 16.616 agents • 17.868 pension intermediaries • 2.661 loss adjusters

  8. Indicators • Some Characteristics of the Market • Stable Increase in Penetration; Premium production steadily growth in last 20 years except 1994, 2001 and 2009. • Fast Growing Foreign Investment: At the end of 2005 the number of foreign insurance companies was 5, out of 47, now the number is 36 out of 59.

  9. The Future • Big potential • Rapid increase expectation in private pension funds, TCIP penetration in the short run. • Substantial increase expectation in the all types of liability insurance, health insurance in the medium and long run. • Product development, including tekaful products • Distribution channel development, including mutual types

  10. Thankyou

More Related