Page 14 - Turkinsurance Digital Magazine

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This approach and perspective led us to the need to redesign our of a stable economic structure, it will be possible to make more
workspace. Together with all our departments located at the head- sound forward planning in the reinsurance market, just as in any
quarters, as of July 19, we moved to our new office in İş Kuleleri, other sector.
Levent. In our new offices, we continue to create value together
with our agile working system and all our stakeholders. With this As Milli Re, how do you shape the domestic reinsurance market,
move, we aim to transfer our institutional memory gained since our and what do you do to be a leader and maintain your strength?
establishment to our younger colleagues and sustain our successes.
Our new working environment has been designed as a space where As Milli Reasürans, we are a leader in many proportional reinsur-
we can maximize the use of technology, facilitate the changes we ance agreements, and in addition, we provide a substantial capacity
envision in our working methods more easily, and transform into for non-proportional agreements. As a leading reinsurer in the do-
a large agile team. In this context, we not only see our move as a mestic market, we are currently working closely with our business
mere physical change of location or address but also as a significant partners to make various adjustments in agreements in line with the
milestone in our company's history that we hope and aim will be industry's needs. The key here is to ensure that both insurance com-
remembered and valued when we look back in the future. panies achieve their goals and to structure an agreement that aligns
with the risk appetite and expectations of the reinsurance market.
At Milli Reasürans, we make every effort to shape the market in
“At Milli Reasürans, in addition to our a more positive direction by closely observing the market, main-
contributions to the insurance sector and taining constant communication, and leveraging our experience and
knowledge. I would like to emphasize one point in particular: We
the country’s economy, we also support consider our insurance companies as long-term partners, and our
development in the social and cultural primary goal is to contribute to both the development of our partner
companies and the insurance market as a whole. Being there for our
fields..” business partners at every opportunity is our priority. For example,
the earthquake in Kahramanmaraş on February 6th. Immediately
after this devastating event, which should not be erased from our
How is the situation in Turkey? How does the inflationary envi- memory for years to come, we quickly made advance payments to
ronment, rising insurance premiums, and volatile and high ex- contribute to the cash flows of insurance companies and meet the
change rates shape the domestic reinsurance market? needs of policyholders. Additionally, by expediting damage assess-
ments, we assisted our partner companies in making payments to
The persistently high inflation, elevated exchange rates, and in- their policyholders promptly. So far, we have made a total payment
creasing insurance premiums, which are expected to continue for a of 3 billion Turkish Lira to our industry, and we believe that as Milli
while, have placed an additional burden on the reinsurance market, Reasürans, we provided the necessary support to our sector after
which has already been struggling for the past few years, mainly due this tragic event.
to increased claim costs and capacity needs. The recent difficulty
in placing reinsurance is also due to changes in the risk appetite of This year, as Milli Reasürans celebrates its 94th anniversary, we
international reinsurers, the ongoing economic situation, and declin- are taking the necessary measures to increase our financial strength
ing profitability of reinsurance agreements. Unfortunately, our in- to ensure that we can continue our pioneering role in the coming
dustry, which has been facing placement issues, will face even more years while maintaining our current strength. In this context, we
challenging conditions compared to previous years, especially in the strive to be in a continuous state of positive change and development
aftermath of the recent earthquake disaster. With the establishment by investing in both our human resources and technology. We will