Page 25 - Turkinsurance Digital Magazine

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“We are working towards providing more funds for the economy”

Insurance Association of Turkey (TSB) has recently held its continued our cooperation
Ordinary General Assembly Meeting. Chaired by Can Akın with the judicial system
Çağlar, President of the Association, the meeting assessed in order to decrease the
2018 activities and the agenda of Turkish insurance market. problems related to mar-
ket practices. Our main
President Can Akın Çağlar opened the meeting by evaluating priority for the traffic
the 2018 results of Turkish insurance market and stated as line was to reduce the
follows: number of traffic acci-
dents; and we have made
“I have started the journey to preside over our Association significant progress in
after the General Assembly of 2016, and invited all our stake- our action plan. We have
holders to join hands with the aim of expanding our market in shared our solution pro-
the General Assembly of 2017. Now we are happy to see that posals for non-life seg-
the steps we have taken together under the motto of ‘commu- ment, individual pensions
nication, harmony and innovation’ have begun to yield results. and auto-enrollment with
During 2018, our market undertook a total compensation the public authority. We
payment of 36 billion TL; standing by our citizens and con- have improved our dialogue and communication with all our
tinuing to contribute to Turkish economy at the same time. stakeholders, particularly with distribution lines. Through all
Total premium volume of 54.7 billion TL as of year-end equals these steps, we have aimed to strengthen our market which
to 1.36 percent of our national income. Our market’s overall also works together with us for the same causes.”
contribution to economy reached 148 billion TL- including the
pension funds, total value of which equals to 4.2 percent of the Target is to expand the non-bank financial system
national income. And we also keep working tirelessly towards
providing more funds to our economy and increasing the rate Çağlar reminded that the Association organized “Workshop
of insurance.” to Determine Strategies for Insurance and Pension Markets”
with the aim of determining middle and long term roadmaps
Çağlar also talked about the recent arrangements done within for insurance and pension markets. He added:
the New Economy Program (YEP) and said: Within the scope
of New Economy Program (YEP), there will be significant “When we analyze the functions of insurance and pension
amendments related to the Individual Pension and Auto-En- markets, we see that they have a very important role for the
rollment systems. Thanks to these new precautions, we believe national economy. And we are aware that we need to take
that we will reach a healthier structure in terms of reaching the further steps so that our market realizes its true potential. In
desired saving levels. Another change will be the foundation of this respect, we organized the Strategy Determination Work-
“Insurance and Pension Regulation and Supervisory Board”, shop with the aim of determining the roadmap and actions
which will be an independent authority to be responsible from that will ensure the development of our market for the next
regulating and supervising the insurance and pension systems. five years. This workshop was attended by public authorities
This has been a long-awaited development by the insurance and all stakeholders of insurance and pension markets. Main
market. I believe that the market will gain acceleration thanks goals of the workshop were to create a non-traffic agenda
to this new structure.” for the market, grow with new areas and new products, at-
tract attention to financial insurance products such as bond
“We have targeted to strengthen our market every step and credit insurance, increase awareness about participation
of the way” insurance, prepare our market for the future considering the
risks and changes to be brought by technological development
Underlining that they conducted several projects and studies and change of generations, improve insurance awareness. And
which were also supported by the public authority in order to as a result of all the abovementioned targets, we mainly aimed
provide rapid solutions for issues on the agenda of Turkish to expand the non-bank financial system. In 2019, we will
insurance market, Çağlar said: “We have conducted projects determine our steps in accordance with the results from the
by cooperating with the Treasury and public authorities, and Workshop and focus on getting results.”