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Market Overview (GWP)

Market Overview (GWP). EL is written with the following sub-LoB’s in Turkey: Construction, erection all risks, electronic equipment, machinery breakdown and Leasing All Risks No CECR and Decennial Liability exist yet in the market ALoP is provided on a limited basis

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Market Overview (GWP)

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  1. Market Overview (GWP) EL is written with the following sub-LoB’s in Turkey: Construction, erection all risks, electronic equipment, machinery breakdown and Leasing All Risks No CECR and Decennial Liability exist yet in the market ALoP is provided on a limited basis Composition of GWP in terms of sub-LoB’s (Q4,2012 data) Total GWP TRL 941M CAT Exposure EEI 17% Fully insured against CAT perils MB 46% Limited exposure CAR 30% Fully insured against CAT perils EAR 7% Fully insued against CAT perils

  2. Market Overview (Loss Ratio) Combined ratio Engineering Lines 2012 Data provided by TSB and processed by Zurich Sigorta finance team

  3. SWOT Analysis of CAT Exposure Strengths Restricted coverage compared to London market with no CBI involved in CAR, EAR policies Higher client retentions for EQ

  4. SWOT Analysis of CAT Exposure Weaknesses Lack of actuarial pricing in the market and no reserve for CAT pricing, pricing in the market relies on EQ tariff which is not scientific. Decision making dependant on reinsurance brokers’s modelling for CAT

  5. SWOT Analysis of CAT Exposure Opportunities 38 Turkish contractors within Engineering News Record 225 with international competitivenes which helps insurers difersify the EQ risk Government’s grow-with-construction policy

  6. SWOT Analysis of CAT Exposure Threaths Soft market continuing especially for mid sized construction business and driven by some agressive players. Combined ratio not good enough to absorb an EQ loss in Cresta Zones 1&3. Number of qualified engineering underwriters not enough compared to other line of businesses.

  7. Thank you

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