Page 13 - Turkinsurance Digital Magazine

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cumstances created by the pandemic have ance market has sufficient and reliable 50 countries, as one of the oldest reinsur-
given us the opportunity to test our oper- reinsurance coverage against losses that ers active in Europe.
ational strength and technological infra- might be incurred due to major risks or
structure, being the key to adapting to the catastrophes. Milli Re has been supporting Turkish in-
“new normal”. Thanks to the harmonious surance market and national economy for
combination of technical infrastructure What values does Milli Re add to this over 90 years by providing high-quality
with our flexible processes and quali- field? What does it bring to our country services and efficient solutions with its
fied workforce, our company has made a and insurance business? well-established corporate culture and ex-
smooth transition to remote-working con- perience. Despite the circumstances creat-
ditions. Milli Re was established by Türkiye İş ed by the pandemic and current economic
Bankası on 26 February 1929 to manage conjuncture, we will continue to provide
What is your assessment on the reinsur- the compulsory reinsurance system. As the required reinsurance capacity, techni-
ance structure in our country? the world’s first and only privately owned cal support and cooperation in every field
company to hold the right to manage the for our market through our robust capital
Most companies operating in Turkish reinsurance monopoly for all lines of busi- and technical infrastructure. In accord-
insurance market - regardless of being ness, Milli Re has made significant con- ance with our healthy growth targets for
national or foreign capital companies - tributions to the development of insurance our foreign portfolio, Milli Re aims to
protect their risk portfolios through pro- business in Turkey. carry its current achievements into the fu-
portional treaties due to the equity volume ture uninterruptedly by continuing to be a
of insurance market in our country, as Milli Re meets reinsurance needs of the reputable and preferred business partner
well as the pressure imposed on company market with best possible terms and con- in foreign markets.
balance sheets by the technical results in ditions, contributing significantly to cus-
insurance lines with high loss frequency tomer satisfaction of insurance companies Do you have any messages you would
such as motor own damage, land vehicles by providing prompt claim settlements. like to share with our readers?
liability and health. Therefore, excluding
7 companies that solely utilize excess of Millî Re has made many contributions to The pandemic has made us better perceive
loss agreements to cover their risk port- our country by the importance of our families, loved ones,
folios, other companies insurance compa- •Nationalizing of the Turkish insurance colleagues - in short, human life.
nies protect their fire, marine, non-auto industry,
casualty and engineering risk portfolios by •Generating of continuous revenue for the Despite having prepared emergency plans
buying reinsurance protection on propor- Undersecretariat of Turkish Treasury and procedures and conducted drills, it
tional bouquet basis. There are also com- •Significantly reducing in the outflow of has been a different experience for our
panies that utilize proportional treaties to foreign currency company, just like everyone else. I can say
protect their risks such as auto, agricul- •Providing insurance training and educa- that as Milli Re, we have quickly adapt-
ture, personal accident, financial losses, tion programs for the insurance industry, ed ourselves to the new term. Moreover,
cyber, in addition to using bouquets. On •Conducting top notch international rela- Covid-19 has brought new concepts to our
the other hand, insurance companies also tions. lives such as working from home, self-im-
use risk excess of loss treaties to protect Having made important contributions to provement and spending time at home.
their retentions in their insurance policies support the development of Turkish in- Turkish finance industry has rapidly
against risk losses, and catastrophe excess surance market since its foundation, Milli adapted to these new circumstances. Both
of loss treaties to protect their retentions Re will continue to provide added value our technological facilities and young la-
in against natural catastrophe perils in- to support the development of our market bor force eased this adaptation process.
cluding earthquake, flood, windstorm and and maintain the contemporary service
others. Moreover, particularly major and level. Turkey has emerged stronger from pre-
complex industrial and commercial risks vious crises by taking the accurate les-
are being transferred to local and foreign Can you share how your targets and sons. Like the rest of the world, Turkey
markets through facultative reinsurance. strategies for 2021 are being shape as will also face a challenging period at the
Due to the decrease in facultative capac- we prepare for leaving 2020 behind us? end of this crisis. However, I believe that
ity provided by foreign markets in recent we will see better days thanks to what we
years, higher numbers of major risks have Within the scope of our international ac- have learned due to the facts that we are
begun to be shared by local market play- tivities, our company provides reinsurance a society with strong solidarity and have a
ers through coinsurance. Turkish insur- capacity to nearly 130 companies in over young and hardworking population.