10th International Istanbul Insurance Conference by Insurance Practitioners Association was held with participants from 30 countries


Held on 4 and 5 October 2018, the conference was kicked off with opening speeches. The morning session of the first day focused on panels and speeches about the problems of the insurance market, while the afternoon session mainly discussed the digitalization processes and problems. On the second day, main topic was the significance of the Pools in the insurance market. New developments on this issue were discussed and participants were enlightened with new information.


Fahri Altıngöz, Chairman of the Insurance Practitioners Association, commented on the organization of the conference:  “Founded in 1958, Insurance Practitioners Association is one of the oldest associations of the insurance market. We have been organizing this international conference for 10 years now. We receive attendance of many foreign colleagues from 30 different countries ranging from USA to Japan, from Europe to Middle East. Of course, our local insurers with different experiences attend as well. Therefore, we get a chance to discuss really important topics about our market on an international level; to gather different experiences from a global perspective, and discuss about market opportunities, related precautions, and different products. For sure, we can negotiate about the insurance-related issues from a global perspective and share this insight with the public.”


Traffic line is losing for 13 years

Mehmet Akif Eroğlu, Secretary General of Insurance Association of Turkey (TSB), gave a speech and presentation during the opening, and said: “Due to their probability of causing accidents, driver’s licenses of drunk drivers are confiscated for 6 months before they can actually cause any accidents. There are 79 thousand 600 drivers who have caused 4 accidents every year on average, for the last 3 years. Their licenses should also be confiscated in the same manner. There are roads where traffic accidents occur more frequently; we should solve those problems. We have initiated special trainings for road hogs. These drivers cause 3 or 4 accidents on an annual basis. They are almost professionals in this. Accidents should not be underestimated. Licenses of drunk drivers are confiscated for 6 months; this should also apply to drivers who are frequently engaged in accidents as well. You can submit penalty points to us, and we can use them in our tariffs.” Eroğlu added: “Traffic line is losing money for 13 years. This year’s loss was averted thanks to the interest returns. Moreover, we have also worked on the impacts of the exchange rates. Due to increasing rates, traffic insurance tariffs should be increased by 12 percent and motor own damage tariff by 20 percent; but insurance market has still not reflected this on prices. We are transferring resources to foreign countries for spare parts that are worth a total of 3 billion TL. It is important to use equivalent spare parts instead of original spare parts to reduce costs; and this should be encouraged by the related parties. Plus, there are still no standards for the calculation of the compensation for loss of support. It is important to apply the ‘Baremo Model’ for this case. Moreover, we believe that it is necessary for the market to apply higher rates for monthly increases in maximum premiums within the scope of the price-cap system, which currently stands at 1.5 percent; and to apply an additional 5 percent increase for once.”


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