Page 7 - Turkinsurance Digital Magazine
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             BES will be an assurance package for every period of life


            Insurance Week which is organized by the Insurance Asso-
            ciation of Turkey, reference center of insurance in Turkey,
            between 31st of May - 4th of June is continuing with panel
            series named Insurance Meetings.  In the panel with the sub-
            ject of TURKEY’S RISING VALUE: PRIVATE PENSION
            SYSTEM, ITS ACHIEVEMENT AND GROWTH POTEN-
                             nd
            TIAL hold on the 2  day of the meetings, Uluç İçöz, Vice
            President of Private Pension Regulation and Supervision
            Agency (SEDDK), Tevfik Eraslan, Chairman of the Board
            of  Turkish  Capital  Markets  Association  (TSPB),  Taylan
            Türkölmez, General Manager of Allianz Türkiye Hayat ve
            Emeklilik Companies and Economist Prof. Dr. Sadi Uzu-
            noğlu have met. Uluç İçöz, Vice President of SEDDK, gave
            a speech in the panel and said individuals will be provided  financing so that we can provide the finance that our entre-
            with a package that offers assurance for every period of  preneurs need for new investments Then, a Silicone Valley
            life including education, health, military service, marriage,  can also be founded in Turkey.”
            buying house, elderly care thanks to the new regulations to
            be issued for BES.                                  The total net asset value of the fund of 180 billion TL
                                                                reached in BES
            “The development of BES will guarantee our pension
            income in the future”                               Taylan  Türkölmez,  Vice  President  of  Insurance  Associ-
                                                                ation  of  Turkey  (TSB)  and  General  Manager  of  Allianz
            Uluç İçöz, Vice President of SEDDK, gave a speech in the  Türkiye Hayat ve Emeklilik Companies stated that having
            panel titled Turkey’s Rising Value: Private Pension Sys-  a history of nearly a century in the world, BES is very
            tem, Its Achievement and Growth Potential and said that  young as a system that has been implemented in Turkey for
            in OECD countries, the ratio of BES funds to GNP is 80-  18 years, yet it showed a significant performance with a
            90 percent, while this number is 3.5 percent in Turkey and  fund size of 180 billion TL and the number of participants
            this shows that we need to spend a great effort.    close to 13 million. Türkölmez stated that they believe that
                                                                BES, which has made great contributions to the economy
            İçöz  added  that:  “Demographically,  Turkey  still  has  a  and financial system, will come to a very good point with
            young but aging population. It is essential to increase the  the planned reforms and mentioned the transformative
            weight of BES in the economy to produce a pension in-  power of BES in terms of disciplining the saving behav-
            come for our population, 20-25% of which will be over the  ior of Turkish people, who still invest 60 percent of their
            age of 65 in the near future. In this regard, we think that  investments in real estate and gold. He highlighted that
            this can be possible by including underage people in the  especially with the young population meeting with BES and
            scope of BES. Also, we continue the infrastructure works  adopting BES, the system will grow continuously by gain-
            to make BES a comprehensive assurance package for every  ing a more agile and digitalized feature.
            period of life including education, health, military service,
            marriage, buying house, elderly care.”              “Deposits held in foreign currency create a risky exchange
                                                                rate environment”
            BES means long-term source of finance for all sectors
                                                                Economist  Sadi  Uzunoğlu  stated  that  although  it  has
            Tevfik Eraslan, Chairman of TSPB, who is another speak-  reached a good point in BES, it still needs development
            er at the panel, said that BES and the insurance sector are  considering that PPS funds constitute 3.5 percent of the
            very important bases for the capital market. Eraslan stated  country’s income. Uzunoğlu pointed out that the average
            that in Turkey, the investment in bank deposits is 80 per-  60-day maturity of deposits in banks in Turkey should be
            cent and the investment in the capital market is 20 percent  evaluated in terms of investor behavior and long-term in-
            and said that in developed countries these rates are just  vestment awareness should be developed in investors. He
            the opposite, and capital markets will be empowered with  stated that particularly, investments held in foreign curren-
            the growth of BES and insurance so that the access of the  cy cause a risky exchange rate environment and highlighted
            companies to long-term financing will increase.     that this problem can be overcome with innovations and
                                                                regulations that will pave the way for the insurance indus-
            Eraslan added that: “Growth and development are about  try, BES, and investment banking.
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