Page 14 - TurkInsurance Digital Magazine

12 at a glance

MAPFRE Sigorta ranks among top five Group companies with its activities in Turkey

MAPFRE Sigorta evaluated the developments in Turkish and
global insurance markets. Alfredo Muñoz stated MAPFRE
Group is one of Europe’s top five insurance companies, adding
that total premium production of Turkish insurance market grew
by 14.9 percent in 2017 compared to the previous year, reaching
46 billion 504 million TL. He said growth rate stood at 12 per-
cent in non-life segment and 35.8 percent in non-life segment,
adding that real premium growth was 2.5 percent in developed
countries and 9.8 percent in emerging markets. According to
Muñoz, this indicates a high growth potential for Turkish insur-
ance market. He underlined that MAPFRE Turkey was among
top five Group companies, thus emphasizing the significance of
Turkish insurance market for MAPFRE Group.

15 percent growth target until the end of this year

Stating that MAPFRE Sigorta aimed to reach a growth of 15
percent until the end of 2018, CEO Alfredo Muñoz announced
the company targets for 2018 as follows: “Our turnover for the mium volume stands at 12,984,212 TL with a market share of
first quarter of 2018 is 712,717,360 TL. We rank second among 5.90, and we rank 6th in the market. Overall in the non-life seg-
insurance companies in Turkey with our engineering insurance ment, our premium volume stands at 703,830,622 TL and our
premium volume. With a premium volume of 54,844,760 TL in market share is 5.56 percent.”
engineering, we have a market share of 10.63 percent. Our pre-
mium volume in health line stands at 153,602,799 TL, bringing Adding that traffic and life segments will expand the insurance
us a market share of 7.62 percent and 4th rank among other market sustainably in the long term, Muñoz stated that in this
companies. We rank 7th in motor (casco) branch with a pre- context, they aimed to be more active in motor, homeowner’s
mium volume of 106,747,455 TL and a market share of 5.84 and SME insurance products in the coming period. He said: “In
percent. Our premium volume in fire and natural forces branch life insurance, our target is to achieve profitable growth by fo-
stands at 109,112,024 TL, which brings us 5th in the ranking cusing on risk products. This year, we aim to increase our pre-
and a market share of 6.46 percent. Our marine insurance pre- mium volume by 30 percent.”

AXA Sigorta protects against climate might bring economic volatility. Ölken reminded that AXA Sig-
orta always aimed to be a financially robust company that brings
change with parametric products their position in loss indemnification one step further, stands by
their customers and adds value to their lives. He added: “This
AXA Sigorta offers innova- is where innovation comes forward. That’s why we have realized
tive solutions to its customers our AXA 4.0 vision this year as a plan that was devised in four
through parametric insurance pillars consisting of customers, agents, employees and processes.
products that were developed Our parametric insurance products support this vision that fo-
in the beginning of 2000s as a cuses on customer-oriented innovative solutions, while strength-
result of climate change and ening our ecosystem.” Stating that they were highly aware of the
have become more and more fact that climate change, as one of the most pressing problems
popular with technological ad- for the entire planet, cannot be ignored especially due to its eco-
vancements. AXA Group sells nomic impacts in a country like Turkey that houses many dif-
parametric solutions to its cus- ferent types of climate in a vast geographical expansion; Ölken
tomers in 4 continents and 20 said: “Loss of profit arising due to physical losses is not covered
countries around the world; and in standard insurance products. However, parametric products
since 2016, the company offers provide coverage even if there no physical losses. For instance,
parametric insurance products a ski resort that cannot attract enough number of visitors due to
that provide protection against a season when snowfall fell short of the expectations, can find
loss of profit due to the impacts coverage against loss of profit thanks to parametric insurance
of climate change even if there solutions. We analyze the risks of our customers using different
are no physical damages to its indicators such as lack of rainfall/snowfall, higher/lower temper-
customers in Turkey through AXA Corporate Solutions. atures, crop yield, speed of wind, height of waves etc. We meas-
ure frequency and amount; and after calculating the financial
Yavuz Ölken, CEO of Axa Sigorta, stated that risk definitions impacts of those risks, we compensate for the losses of our cus-
and market’s features have changed in terms of climate, technol- tomers, based on documented data. At that point, we use many
ogy and information security; underlining that climate change technological tools and systems including satellite imaging.”