Page 15 - Turkinsurance Digital Magazine
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      We process minor damage payments within

      72 hours

    Selva Eren, General Manager of Türk Reasürans, stated, “When we took over
    DASK, the existing fund size of 10.5 billion TL has increased to 23.5 billion TL in

    2.5 years.”

    Can you tell us about Turkey's reinsurance structure? What   “We will complete our project to trans-
    is the current state of the reinsurance market, which is the
    guarantee of the strength of the insurance sector, in Turkey?  form the Compulsory Earthquake Insur-
                                                              ance into Compulsory Disaster Insurance
    Reinsurance refers to the process of reinsuring, through a new
    agreement between the insurer and the reinsurer, the risks that               by May.”
    have been insured and covered by insurance companies in order  market  share  in  the  Turkish  reinsurance  market  to  49%  with
    to create additional security. Reinsurance can be defined as the  an approximate gross premium production of around 4.3 billion
    most specialized field within the insurance industry. In Turkey, a  TRY on a consolidated basis. On the path we embarked on with
    portion of the reinsurance needs are met by domestic reinsurance  the goal of completing each fiscal year with a net profit, Türk
    companies, while another portion is met by international rein-  Reasürans achieved a net profit of 695 million TRY in 2022.
    surance companies operating abroad. There are four reinsurance  Compared to the same period of the previous year, we success-
    companies operating in Turkey, one of which is our subsidiary,  fully increased our technical result balance by 174% and our net
    Türk Katılım Reasürans.                                  profit by 219%, while maintaining a technical profitability rate
                                                             of 29.4% and a return on equity rate of 43.3%.
    Globally, our industry has witnessed challenging periods due to
    unforeseen risks and high damages, including the COVID-19 pan-  We take great satisfaction in successfully completing many of
    demic, inflation, climate crisis, natural disasters, and events such  our projects in both the short and long term, following the course
    as the Ukraine-Russia Crisis.  These adversities in the industry  we have set, and continue our efforts towards higher goals based
    have also impacted insurance companies in Turkey throughout  on global trends to address the specific needs of our country.
    2022,  leading  to  increases  in  claim  premium  ratios.  In  2022,
    where technical profitability was negatively affected, investment  Considering that reinsurance is both an essential protection tool
    income was able to offset this contraction. In light of these con-  for our industry and a highly costly item, we recognize the im-
    ditions, I anticipate that companies will focus on strengthening  portance  of  providing  the  necessary  capacity  to  companies  to
    their  financial  adequacy  by  implementing  new  policies,  taking  meet this need. With this sense of responsibility, we carry out
    into account the issue of capital sufficiency.           our work.

    Since entering the Turkish reinsurance market as Türk  We believe that the path to achieving successes that will add val-
    Reasürans, what gains have you achieved for the sector and  ue to our industry and make a difference lies in staying abreast of
    the country? What contributions have you made to the devel-  leading technological advancements, effective risk management,
    opment of the Turkish insurance sector?                  and timely actions. Our software product ARU (Main Reinsur-
                                                             ance Application) and our catastrophic modeling product CAT-
    In line with our organizational objectives, we have contributed to  MOD, which we have developed using our own resources, encom-
    the development of the domestic reinsurance capacity, prevent-  pass all reinsurance activities from end to end. These products
    ed  the  outflow  of  reinsurance  premiums  abroad,  and  provided  will contribute to the development of our industry and open the
    sustainable contributions to both the sector's development and  doors to further success.
    our country's economy. Our subsidiary, Türk Katılım Reasürans
    Şirketi,  which  is  Turkey's  only  participation  reinsurance  com-  Furthermore, with this vision in mind, we have established our
    pany, successfully completed its first year of operation on Sep-  Technopark  company  T-RUPT  to  bring  together  the  academic
    tember 8, 2022. As Türk Reasürans, in 2022, we provided rein-  knowledge  and  technological  advancements  of  our  industry  in
    surance coverage to 23 insurance companies and 5 institutions  order to contribute to the economy and sustainable growth in
    in the Turkish insurance market.  Despite the significant impact  the insurance and reinsurance sectors. We believe that our com-
    on profitability in the non-life sector in 2022, we increased our  pany, operating in Yıldız Technical University Technopark, will
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