Page 12 - Turkinsurance Digital Magazine

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perienced staff and a profit-oriented risk
management approach - managed to re-
inforce its leadership position and market
share of treaty reinsurance and facultative
placements in local market, while success-
fully continuing its activities in interna-
tional markets, in line with our sustaina-
ble growth targets.

After 2020 renewals, Milli Re provided
capacity to 22 companies that utilized
proportional treaties, leading 17 bouquets
and having a 27% market share. While
most companies operating in Turkish in-
surance market continued to protect their
risk portfolios on proportional bouquet
basis for 2019, Milli Re participated in
the programs of 5 of the 7 companies that
solely utilized excess of loss agreements to
cover their risk portfolios. In 2020, Mil-
li Re had 8% involvement in catastrophe
excess of loss programs, which protect in-
surers’ retentions in Fire and Engineering
against natural catastrophe perils includ-
ing earthquake, flood, windstorm and hail.

In addition to life and non-life treaty re-
insurance, our company also provides fac-
ultative capacity; serving local insurance
market for a wide range of risks includ-
ing fire, marine, casualty, liability, agri-
culture, financial losses, air vehicles and
cyber.

Milli Re’s premium income has reached
928 million TL in the first half of 2020,
assets reached 5,042 million TL, equity
amounted to 2,329 million TL, and net in-
come for the period stood at 195 million
of loss payments. Considering that global though circumstances vary depending on TL.
economic stagnation and loss in invest- region and program, we can say that we
ment returns will be added to those losses are facing a tougher reinsurance market Our Company has completed and the
and all those factors will have reflections on a global scale. new underwriting platform project and
on the insurance market, reinsurance launched the system which integrates all
companies are anticipated to compensate What has Milli Re gone through during reinsurance applications used in the Head
for those losses by increasing reinsurance those days? How did you shape your Office and Singapore Branch. Moreover,
premiums and revising the terms of re- steps towards improvement for 2020? significant steps were taken for our dig-
insurance agreements. Global reinsurers ital transformation project, which aims
have been observed to divert their existing During a time when the agenda and mar- to improve efficiency, ensure a more ag-
capacities into regions, markets and cus- ket dynamics have changed so rapidly, ile structure, and increase integrity and
tomers that are relatively more satisfying our company has - thanks to our strong transparency of business processes in all
in terms of prices and circumstances. Al- capital structure, technical know-how, ex-
our operations. The unprecedented cir-