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Alper Tan

Alper Tan. Content. Insurance Association of Turkey. Turkish Insurance Industry. Ongoing Projects of Association. Insurance Association of Turkey. Insurance Association of Turkey.

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Alper Tan

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  1. Alper Tan

  2. Content InsuranceAssociationof Turkey TurkishInsuranceIndustry OngoingProjectsof Association

  3. InsuranceAssociation of Turkey

  4. Insurance Association of Turkey • The Association of the Insurance, ReinsuranceandPension Companies of Turkey is a specialist institution with the characteristics of a unique non-governmental institution operating under Insurance Law No. 5684.

  5. Committees of the Association The Association established the following committees to facilitate the preparation andrevision 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 EngineeringActuary

  6. International Memberships • InsuranceEurope, EuropeanInsuranceandReinsuranceFederationwww.cea.eu • IAIS, InternationalAssociation of InsuranceSupervisorswww.iaisweb.org • IMIA, InternationalAssociation of EngineeringInsurerswww.imia.com • IUMI, InternationalUnion of MarineInsurancewww.iumi.com • ICC, InternationalChamber of Commercewww.iccwbo.org • FALIA, TheFoundationfortheAdvancement of Life & Insurancewww.falia.jp

  7. TurkishInsuranceIndustry

  8. TurkishInsuranceIndustry • 1 Reinsurance • 8 • 18 Life Life & Pension 37 Non-life • 64 activecompanies 8

  9. TurkishEconomy2013 Unemployment 10.02% GDP 818 Billion $ Inflation CPI 7.40% Inflation PPI 6.97% GDP percapita10,675 $ ( * ) GDP andunemploymentareestimated

  10. World Insurance Industry vs Turkey World average- Premiums in percent of GDP is 6.5% Turkey 1.4% DevelopedCountries 8.6% USA 6.8% UK 11.2% DevelopingCountries 2.7% World average- Premiumspercapita is 656 USD USA 4,047 $ UK 4,350 $ DevelopedCountries 3,677 $ DevelopingCountries 120 $ Turkey 146 $ SOURCE: Swiss Re, Sigma No: 3/2013.

  11. Number of employees working in Turkish insurance industry 2013 18,137 2009 16,300 2011 17,314 2012 17,704 2010 16,568

  12. Premium Production (2009-2013) ($)

  13. Premium production • in Turkey: • Morethan 11 billion USD • Real growth rate • 13.5% • (in USD)

  14. Total Premium Production Per Capita ($) 14

  15. Profitability of TurkishInsuranceIndustry (Non-Life)

  16. Ongoingprojects of Association

  17. Projects • Association has focused on profitability of motor insurance. Wehavetakenconsultingservicesfromtwointernationalfirms. • Projects; • Direct settlementsystem • Certification of body shopsandspare partsusedduringrepair • Loss of support • Fraud

  18. Direct SettlementSystem Withtheimplementation of directsettlementsystemnofaultyinsuredwillapproachto his owninsurancecompany (MTPL)… 6 7 No faultyinsured 4 5 1 No faultyclient’s Insurancecomnpany Faultyclient’s Insurancecomnpany Body shop 3 Exchange 2

  19. Direct SettlementSystem Benefits of thesystem. Direct SettlementSystem Insured InsuranceCompany Insurancesector Improvedcustomersatisfaction Fasterclaimshandling Repairshopnetworks Decrease in IBNR Lessconflict Decrease in subrogationcosts Costcontrol New products Improvedreputation

  20. Certification of spareparts Certifation of eqivalentsparepartswillincreasetrust of theclient. Decrease in claimscosts.

  21. Loss of support Consistentapproach in assumptionsandmethodologyneeded Willsolvereservingandclaimsexperienceproblems

  22. Fraud SISBIS recordsshould be updated Detection of fraudwithanalyticalmethods Focus on organisedcrime

  23. Thankyouforyourattention! • Thankyouforyourattention

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