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Turkish Insurance Industry

Turkish Insurance Industry. by Sezi Meri c , Milli Re. Contents. Market History General Market Conditions Role of Foreign Capital Turkish Reinsurance Market Future Outlook Milli Re. The History of the Turkish Insurance Market. Market History Market Overview Foreign Capital

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Turkish Insurance Industry

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  1. Turkish Insurance Industry by Sezi Meric, Milli Re

  2. Contents • Market History • General Market Conditions • Role of Foreign Capital • Turkish Reinsurance Market • Future Outlook • Milli Re

  3. The History of the Turkish Insurance Market Market History Market Overview Foreign Capital Reinsurance Market Future Outlook Milli Re • The first developments regarding insurance activities in Turkey were seen following the big fire which occurred in Istanbul in 1870. • The pioneering insurance companies established in Turkey (during the Ottoman times) were the agencies of the English and French companies (Sun, Northern, North British, La Fonciere). • The first Turkish capitalized insurance company was established in 1918.

  4. The History of the Turkish Insurance Market Market History Market Overview Foreign Capital Reinsurance Market Future Outlook Milli Re

  5. Turkish Insurance Market: a brief overview Market History Market Overview Foreign Capital Reinsurance Market Future Outlook Milli Re

  6. Premium Production vs. Annual Growth Market History Market Overview Foreign Capital Reinsurance Market Future Outlook Milli Re

  7. Turkish Insurance Market: a profitability check Market History Market Overview Foreign Capital Reinsurance Market Future Outlook Milli Re * Including both life and non-life branches.

  8. Profit / Shareholder‘s Fund Ratios Market History Market Overview Foreign Capital Reinsurance Market Future Outlook Milli Re

  9. Important Insurance Organizations in the Market Market History Market Overview Foreign Capital Reinsurance Market Future Outlook Milli Re TCIP: Turkish Catastrophe Insurance Pool TARSIM: Agricultural Insurance Pool • Earthquake insurance for dwellings became compulsory after 1999 earthquake in the Marmara region. The main objectives of TCIP are: • To provide an earthquake insurance cover for dwellings in return for an affordable premium • To reduce or mitigate the financial burden of potential earthquakes suffered by the State, by spreading it to the international financial and reinsurance markets • To make contribution in developing insurance awareness in the society. Insurance Data Center TRAMER

  10. Foreign Capital Development in the Market Market History Market Overview Foreign Capital Reinsurance Market Future Outlook Milli Re

  11. Turkish Reinsurance Market (Premium Ratio) Market History Market Overview Foreign Capital Reinsurance Market Future Outlook Milli Re (*) Including Motor Own Damage, Personal Accident, Legal Protection and Credit.

  12. Turkish Reinsurance Market in Brief.. Market History Market Overview Foreign Capital Reinsurance Market Future Outlook Milli Re Per Risk Protection in General • Currently 23 companies employ proportional reinsurance protection for the risks they have written. • On the other hand, the number of the companies that have excess of loss protection on gross account basis is only 4. • Milli Re being the leader of 13 of the proportional treaties, working on bouquet basis, holds a 25% share within proportional reinsurance premium of the market.

  13. Outlook for 2010.. Market History Market Overview Foreign Capital Reinsurance Market Future Outlook Milli Re • Despite the Global Economic Crisis, Non-Life premiums rose by nearly 13% in Q1 2010. • A number of regulatory initiatives have acted as a catalyst for the development of the insurance industry: • authorities are implementing more compulsory insurances • encourage strong reserving, correct and appropriate reinsurance purchasing, and credit risk control

  14. Outlook for 2010.. Market History Market Overview Foreign Capital Reinsurance Market Future Outlook Milli Re • Companies are forced for stricter financial compliance (Auditors, Shareholders, Regulatory Bodies) • Trend of increased foreign investments/take-overs, consolidation expected in the coming years.

  15. Financial Strength Ratings Corporate Profile • A.M. Best 11.08.2009 B++ (outlook stable) • Standard & Poor‘s 24.02.2010 tr AA • Est. in 1929 as the World‘s first and only private company to operate compulsory reinsurance for each insurance branch & promote the development of the Turkish Insurance Market. • Run the compulsory reinsurance system in all lines of business until 31.12.2001. • Actively started writing business from emerging markets as from 01.01.2006. Milli Re Market History Market Overview Foreign Capital Reinsurance Market Future Outlook Milli Re

  16. Milli Re Market History Market Overview Foreign Capital Reinsurance Market Future Outlook Milli Re Key Figures (2009) • Gross Premiums: $547 Million • Paid-Up Capital: $256 Million • Assets: $1 Billion • Net Profit: $59 Million Portfolio Mix

  17. Thank you for your Attention... Vă multumesc pentru atentie… Sezi Meric (Area Underwriter) T: +90 212 231 47 30/ext. 1261 F: +90 212 246 16 08 smeric@millire.comwww.millire.com

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