1 alper tan. 2 insurance association of turkey turkish insurance industry ongoing projects of...
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Alper Tan
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Insurance Association of Turkey
Turkish Insurance Industry
Ongoing Projects of Association
Content
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Insurance Association of Turkey
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Insurance Association of Turkey
• The Association of the Insurance, Reinsurance and Pension Companies of Turkey is a specialist institution with the characteristics of a unique non-governmental institution operating under Insurance Law No. 5684.
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Committees of the Association
The Association established the following committees to facilitate the preparation and revision of all legislation, tariffs, working guides and general clauses relating to insurance; to foster the insurance sector and to conduct studies and research on sectoral problems:
• Fire Insurance Health Insurance• Marine Insurance Liability Insurance• Casualty Insurance Agriculture Insurance• Non-life Claims Financial & Accounting• Engineering Insurance Law & Legal Protection• Life Insurance AML/CFT• Risk Engineering Actuary
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International Memberships
• Insurance Europe, European Insurance and Reinsurance Federation www.cea.eu• IAIS, International Association of Insurance Supervisors www.iaisweb.org • IMIA, International Association of Engineering Insurers www.imia.com • IUMI, International Union of Marine Insurance www.iumi.com • ICC, International Chamber of Commerce www.iccwbo.org• FALIA, The Foundation for the Advancement of Life & Insurance www.falia.jp
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Turkish Insurance Industry
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Turkish Insurance Industry
8 Life Life & Pension18
64 active companies
37 Non-life Reinsurance1
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Turkish Economy 2013
GDP818 Billion $
GDP per capita 10,675 $
InflationCPI 7.40%
InflationPPI 6.97%
Unemployment10.02%
( * ) GDP and unemployment are estimated
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World Insurance Industry vs Turkey
World average - Premiums in percent of GDP is 6.5%
World average - Premiums per capita is 656 USD
Developed Countries
8.6%
Developing Countries
2.7%
USA
6.8%UK
11.2%Turkey
1.4%
Developed Countries
3,677 $
Developing Countries
120 $
USA
4,047 $UK
4,350 $Turkey
146 $
SOURCE: Swiss Re, Sigma No: 3/2013.
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Number of employees working in Turkish insurance industry
2009
16,3002010
16,5682011
17,3142012
17,7042013
18,137
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Premium Production (2009-2013) ($)
2009 2010 2011 2012 2013
Non Life
6770 7935 8616 9508 9762
Life 1168 1448 1598 1505 1590
Total 7938 9383 10214 11013 11352
1,0003,0005,0007,0009,000
11,000
MIL
LIO
N U
SD
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Premium productionin Turkey: More than 11 billion USD
Real growth rate13.5%(in USD)
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1980
1990
2000
2011
2012
2013
020406080
100120140160
413
40
136146 148
Total Premium Production Per Capita ($)
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Profitability of Turkish Insurance Industry(Non-Life)
2009 2010 2011 2012 2013
-1,500,000
-1,000,000
-500,000
0
500,000
1,000,000
130,8672,940
58,587
-589,006
834,511
-660,354-714,972
-652,627
-1,346,519
47,596
(000 TL)
Total Technical Profit Profit of MOD+MTPL
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Ongoing projects of Association
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Association has focused on profitability of motor insurance. We have taken consulting services from two international firms.
Projects; Direct settlement systemCertification of body shops and spare parts used
during repairLoss of supportFraud
Projects
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With the implementation of direct settlement system no faulty insured will approach to his own insurance company
(MTPL)…
Direct Settlement System
No faulty insured
No faulty client’sInsurance comnpany
1
Exchange
67
Body shop
Faulty client’sInsurance comnpany
4 5
2
3
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Benefits of the system.
Direct Settlement System
Direct Settlement System
Insured Insurance Company
Insurance sector
Improved customer satisfaction
Faster claims handling
Repair shop networks
Decrease in IBNR
Less conflict
Decrease in subrogation costs
Cost control
New products
Improved reputation
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Certifation of eqivalent spare parts will increase trust of the client.
Certification of spare parts
Decrease in claims costs.
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Consistent approach in assumptions and methodology needed
Loss of support
Will solve reserving and claims experience problems
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SISBIS records should be updated
Detection of fraud with analytical methods
Focus on organised crime
Fraud
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Thank you for your attention!
Thank you for your attention