Page 3 - Turkinsurance Digital Magazine

Dear Readers,

For the May issue of Turkinsurance, we have prepared an is- ment stood at 238.1 million USD.
sue full of news, articles, analyses and researches to shed light
on Turkish insurance and pension markets. Total number of participants that joined the Individual Pen-
sion System (BES) during the first quarter of the year reached
Located on geologically active fault lines, Turkey is constant- 6 million 811 thousand people, while number of participants
ly face to face with an earthquake hazard. However, despite that joined via auto-enrollment constituted a majority of
this serious risk, Turkey has still not developed the necessary those participants with 5 million 258 thousand. Total fund
insurance awareness for earthquake insurance. According to size of BES reached 81 billion 304 million TL, 5 billion 495
the updated statistics of TCIP (Turkish Catastrophic Insur- million TL of which belonged to auto-enrollment participants.
ance Pool, or DASK in Turkish), there are currently 9 million
valid earthquake insurance policies with an overall insurance This month, our Countr Profile section covers Russia. You
rate of 51.40 percent. Setting off from these facts, we can can have a general idea Russia’s general economic condition
easily conclude that Turkey is not prepared for the risk of a its progress and insurance rates by reading this report.
potential major earthquake.
Hope to meet with the next issue
In 2018, as a year of fluctuations for both Turkish and glob-
al economy, technical profit of Turkish insurance market Your sincerely
reached 556.4 million USD, while technical profit of life seg-