In the insurance industry, capital adequacy level discussions, which have been going on since the beginning of 2023 due to increasing and realized risks and rising costs, continue in the last days of the year.
In this context, the Insurance and Private Pension Regulation and Supervision Agency (SEDDK) decided to transfer Gri Sigorta AŞ and Limited Liability Mellce Mutual Insurance Cooperative, which “did not improve their situation and management despite warnings”, to the Assurance Account last week. Referring to the low share of these companies in the sector in its statement, SEDDK emphasized the following: “Our sector, which has international reputation and strong capital structure, has reached historical peaks in capital adequacy level and return on equity according to recent financials.”
‘5 FLOOR’ GONE AND CAME
“We have taken every precaution to protect the rights of the insured,” said the Turkish Insurance Association (TSB) and commented: “The total share of the two companies in non-life premium production is only 0.36 percent. “The intervention is not expected to have any negative impact on the activities of both the insured, the stakeholder agencies and institutions that provide support to the relevant companies, and other related persons and organizations in our sector.”
On the other hand, SEDDK published a new “Circular on the Application of Premium/Equity Coefficient in Highways Motor Vehicles Compulsory Liability Insurance” last week, stating that the total gross written premiums (excluding indirect) of compulsory traffic insurance produced by insurance companies within a calendar year should be 5 times the equity capital of the previous year. He announced that he could not pass. Implementation will start on January 1. However, a similar regulation was first published in August 2022 and then abolished in October 2022 and created controversy.
‘VIOLENCE AGAINST WOMEN IS A HUMAN RIGHTS VIOLATION’
It was announced that Anadolu Sigorta supported the 16-day “#NoExcuses” campaign launched by the United Nations Women (UN Women) to combat violence against women this year.
Reminding that they have carried out many studies on equality, Anadolu Sigorta General Manager Mehmet Tuğtan continued: “Violence against women is a human rights violation that also affects subsequent generations. “Preventing violence on a global scale and ensuring gender equality is only possible with an all-out struggle in this field.”
CONTRIBUTION TO NATURE AND SUSTAINABILITY CONTINUES
It was announced that Aksigorta donated 10 thousand saplings to the Aegean Forest Foundation on behalf of each of its agencies. Providing information, company officials stated that they continue to contribute to nature and sustainability and said, “In May, we donated 10 thousand saplings to the Aegean Forest Foundation on behalf of each of our employees, and the Aksigorta Memorial Forest was created in the Izmit Taşköprü afforestation area. “Now, with the donation of 10 thousand saplings in Manisa, the creation of the Aksigorta Memorial Forest on Manisa Yunt Mountain has been achieved,” they said.
15 MILLION 867 THOUSAND PEOPLE IN ‘INDIVIDUAL RETIREMENT’
According to the Pension Monitoring Center’s data dated November 30, there are 15 million 866 thousand 899 thousand participants/employees in the private pension system (BES), which celebrates its 20th anniversary this year. 8 million 589 thousand of these are within the scope of “voluntary BES” and 7 million 278 thousand are within the scope of “automatic BES”.
Again, according to the data, a fund size of 666.8 billion liras was reached on the voluntary BES side, 75.9 billion liras of which was state contribution, and 50.4 billion liras on the automatic BES side, 3.2 billion liras of which was state contribution.
BES CREATED AGRICULTURAL FUND FOR ITS PARTICIPANTS
It was announced that Allianz Turkey is the first private pension system (BES) company to offer investment opportunities in the “Agricultural Fund”.
Drawing attention to the increasing importance of food safety, Allianz Turkey Chief Executive Officer Tolga Gürkan said, “The role and investment momentum of agricultural and food companies operating with the aim of contributing to the solution of this global problem is increasing day by day. “We offer BES investors the opportunity to participate in this investment trend, which is on the rise in the world and in Turkey and has a strong return potential,” he said.
‘WE HAVE BECOME ONE OF THE MOST RELIABLE COMPANIES IN 10 YEARS’
Katılım Emeklilik is celebrating its 10th anniversary.
Recalling that they started operating in December 2013, Katılım Emeklilik General Manager Ayhan Sincek emphasized the following: “Thanks to the favor of our participants, we have become one of the most reliable and recognized brands in the sector in 10 years. We reached a total of 1.1 million contracts in BES and 365 thousand policies on the insurance side. We successfully achieved our 2023 targets with our 15 interest-free fund alternatives and a fund size of 18.3 billion TL. “We are moving forward with stronger steps into the future.”
THE INCREASE IN ‘HEALTH CPI’ ACCELERATED
Details of consumer inflation (CPI) announced by TUIK for November 2023 showed that price increases in health insurance have accelerated.
According to the average of the branches in TÜİK’s basket, “Insurance CPI” increased by 1.14 percent compared to the previous month (monthly), 28.9 percent compared to December 2022 (11 months), and 33.86 percent compared to November 2022 (annual). The annual increase was 35.65 percent in the previous month. In terms of sub-branches, prices increased by 0.26 percent in home insurance, 6.52 percent in health insurance and 0.55 percent in transportation insurance on a monthly basis. The increases in the first 11 months were 4.51 percent in housing, 46.35 percent in health and 29.59 percent in transportation. Annual increases are 87.34 percent in housing, 67.22 percent in health and 29.9 percent in transportation.
BRIEF FROM THE INDUSTRY
- Şirzat Çetinkaya became the deputy general manager responsible for “individual technical” at Sompo Sigorta. Çetinkaya, who graduated from Hacettepe University, department of statistics, is also currently the President of the Association of Actuaries.
- AgeSA Deputy General Manager Burak Yüzgül announced that they have strengthened their commitment to use such energy with the renewable energy certificate I-REC. The company reduced its carbon emissions by 764 tons compared to 2019.
- It was announced that Sigortam.net will distribute gifts from Apple products through a raffle, with a campaign that will last until January 3. To get a lottery number, it will be enough to get an offer in any branch and fill out a form.
- It was announced that Generali Sigorta invited all its agencies and relevant customers to contribute to “The Human Safety Net” within the scope of its motto “Agency Participating in the Kindness Movement”. The target is to support 1 million people.