Insured people who had problems with insurance companies made 564 thousand applications: Consumers rushed to arbitration

Insured people who had problems with insurance companies made 564 thousand applications: Consumers rushed to arbitration

Insurance Arbitration Commission (NGO), which is an important solution center for problems between insurance companies and insured people, had a busy year in 2023 due to the impact of major earthquakes centered in Kahramanmaraş.

According to the data announced by the NGO, the total applications made last year increased by 12.6 percent compared to 2022, reaching 563 thousand 907. Considering historical data, this application also indicates a record. In this context, 563 thousand 348 of the applications in 2023 were in the non-life branch, with an increase of 12.6 percent, and 559 were in the life branch, with a decrease of 24.9 percent. When we look at the applications in terms of policy type, compulsory traffic insurance took the first place with 533 thousand 808 applications. While this was followed by motor insurance with 13 thousand 914 applications, compulsory earthquake insurance ranked third with 6 thousand 235 files. In fourth place, motor vehicles received voluntary liability insurance with 5 thousand 191 applications. When we look at the details of the applications related to compulsory traffic, “loss of value”, “vehicle damages”, “damage + loss of value” and “permanent disability” were again the prominent problem sources.

‘REJECTION’ RATE INCREASED

While the applications were like this, NGO arbitrators decided on 446 thousand 246 files, an increase of 36.3 percent last year. In this context, the number of “acceptances” regarding the “request specified in the application” increased by 41.4 percent to 296 thousand 450, the number of “partial acceptances” increased by 0.2 percent to 62 thousand 653, and the number of “rejections” increased by 57.3 percent to 87 thousand 143. Accordingly, from 2022 to 2023, the acceptance rate increased from 64 percent to 66.4 percent, the rejection rate increased from 16.9 percent to 19.5 percent, while the partial acceptance rate decreased from 19.1 percent to 14 percent.

On the other hand, in the last quarter of 2023 (October, November, December), the total number of applications made to the NGO increased by 9.5 percent compared to the same quarter of 2022, reaching 151 thousand 874, while the arbitrators decided on 131 thousand 910 files, an increase of 62.7 percent.

‘WE WILL CONTINUE TO CREATE ADDED VALUE’

It was announced that Anadolu Hayat Emeklilik’s asset size increased by 80 percent in 2023, reaching 162.7 billion TL, and its equity capital reached 6.3 billion TL. The company’s BES fund size increased by 77.2 percent to 134 billion TL, and the number of participants increased by 15.2 percent, exceeding 2.8 million people. Commenting on the results, Anadolu Hayat Emeklilik General Manager Murat Atalay said, “We will continue to offer the most appropriate financial solutions to our customers’ needs in the coming period and to create added value for the country’s economy by working even harder.”

‘OUR TWO MOST IMPORTANT ELEMENTS ARE TRUST AND STABILITY’

Unico Sigorta General Manager Ender Güzeler announced that they have increased their liability capacity to over 6.5 billion liras with 2024 reinsurance agreements.

“The two most important elements for an insurance company that focuses on people are trust and stability,” said Güzeler, drawing attention to the following: “Insured and agencies are now questioning companies not only with their performance in sales, but also their equity capital, that is, their capital adequacy and, more importantly, the adequacy of their reinsurance protection to cover the risks undertaken by the companies.” started.”

MONTHLY INCREASE IN INSURANCE CPI ACCELERATED WITH ‘HOUSING’

The details of the consumer inflation (CPI) newly announced by TÜİK for January 2024 showed that prices, especially in home insurance, increased rapidly.

According to the average of insurance branches in TURKSTAT’s basket, “Insurance CPI” increased by 16.18 percent in January 2024 compared to the previous month (monthly) and by 45.05 percent compared to January 2023 (annual). The annual increase was 30.77 percent in the previous month. According to sub-insurance branches, monthly price increases are 103.74 percent in housing, 14.13 percent in health and 7.94 percent in transportation. Annual increases were 110.13 percent in housing, 36.46 percent in health and 37.85 percent in transportation.

‘THE BUSINESS WORLD SHOULD FOCUS ON RISK MANAGEMENT’

“10th Annual Meeting” organized by the Enterprise Risk Management Association (KRYD) in cooperation with the Business World Platform for Goals. Speaking at the “Global Risks Summit”, KRYD President Bora Akdoğanlar drew attention to the change in risks. Akdoğanlar said, “We have to change as we manage tomorrow in the age of multiple crises. Companies in Turkey always boast about their crisis management skills. “The real muscle we need to develop should be risk management,” he said.

INSURERS DEMAND A ‘SOCIAL BENEFIT NOTE’

It was announced that Steel Sigorta initiated a social responsibility project for education support under the name “Let Children Laugh, Let the World Become Beautiful” with Istanbul Arel University Finance-Banking and Insurance Department. Steel Insurance and Reinsurance Brokerage Senior Manager Abdullah Özcan said that the “social benefit note”, which is intended to be applied to banks in Turkey, should also be on the agenda for insurance companies.

‘AGENCIES CAN RECEIVE LOAN APPLICATIONS’

Ahmet Yaşar, President of Maher Holding Insurance Group, stated that they aim to grow in financial insurance and do this together with agencies.

Speaking at the meeting organized by Quick Sigorta and Ankara Chamber of Commerce, Yaşar stated that banks started to close their branches in Anatolia and said, “Insurance intermediaries are also doing a financial business. In this sense, even if they do not give direct loans, it is possible to at least receive a loan application. There are examples of this in the world. In Europe and the USA, insurance brokers do this financial work. “It is possible to support and provide services to many financial institutions and banks operating without our branches, with more than 17 thousand intermediaries and agencies present in every district of Turkey.”

BRIEF FROM THE INDUSTRY

HDI Sigorta continues the series of agency meetings it started in 15 provinces with the motto “We Are Here Together Yesterday, Today and Tomorrow”. The meetings, which are planned to bring together 3 thousand agencies, will end in Erzurum on March 14.

MetLife Emeklilik ve Hayat announced that it will provide an additional 10 percent monthly contribution to its customers who purchase “My First BES” through MetLife Hızlaal. This supplement is valid for monthly payments up to 800 TL.

Magdeburger Sigorta increased its capital from 250 million TL to 685 million TL. The company will also grow in complementary health insurance, critical illness insurance, transportation, home and liability insurance branches.

MAPFRE Sigorta General Manager Erdinç Yurtseven said, “As Turkey, we rank first with 49 percent among the countries that make the biggest contribution to reducing electricity consumption in our group.”



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