Page 10 - TurkInsurance Digital Magazine

8 at a glance

Allianz Turkey was named as “Startup friendly”

startups evaluated those companies in terms of their investments
in the field, permanence of cooperation, quality of the support
they provide in the forms of mentorship and consultancy, and op-
portunities of acceleration programs.

‘We are working for innovative business models’

CEO Aylin Somerson Coqui received the award on behalf of Al-
lianz Turkey family, and said: “We have built a sustainability
strategy as a result of our vision to become a social brand that
improves the society’s quality of life. One pillar of this strate-
gy is based on preventive measures, while the other focuses on
entrepreneurship and innovation. We have begun our journey of
entrepreneurship and innovation a year ago. Therefore, we are
During the Corporate&Startup Day, Allianz Turkey was elect- quite honored to receive this award. We are working towards
ed as one of the 10 “Startup friendly” companies. Organized improving both in-house entrepreneurship and our cooperation
by Bizz Consulting in cooperation with TOBB Young Entrepre- with startups outside our organization. At this point, Allianz em-
neurs Committee, Endeavor Turkey, and Özyeğin University; ployees transfer their expert knowledge to entrepreneurs, while
Corporate&Startup Day event rewarded companies in these two startups teach us about the new-generation business models and
categories: “Startup 100” and “Startup Friendly Companies”. different working principles. Thanks to its extensive area of activ-
Allianz Turkey was awarded with the title of “Startup Friendly ities, insurance harbors a big potential for lots of new-generation
Company” and ranked 8th among 10 startup friendly companies business models. Startups actually have many big opportunities in
that were determined as a result of the votes of startups. Corpo- the field of insurance technologies. Allianz Turkey will continue
rate&Startup Day gathered holding companies, large corporates, working towards expanding and deepening the area of insurance
banks and startups operating in Turkey. As a part of this event, technologies in Turkey, while supporting and carrying out other
social initiatives and endeavors.”

Insurance companies undertake 7.2 billion TL of compensations in 3 months

Insurance Association of Turkey announced technical and finan- riod of previous year; while total volume of equity capital in the
cial results for the first quarter of 2018, based on the data com- market reached 21.9 billion TL. Total net profit of insurance
piled from insurance companies. companies for the term reached 1.6 billion TL. 870 million TL of
the balance sheet profit belongs to non-life companies, while 677
According to the results, insurance market continued to provide million TL belongs to life and pension companies.
assurance for our economy and our citizens, the amount of un-
dertaken compensations reaching 7.2 billion TL, up by 6 percent Number of participants in the Individual Pension System (BES)
over the same period of last year. reached 7 million as of 25 May 2018, with total fund size in-
cluding state subsidy funds standing at 82.3 billion TL. 4 million
Premium volume of the market grew by 17.7 percent in non-life out of 9.5 million participants that entered the system after the
segment, 16.9 percent in life segment and 17.6 percent on total initiation of auto enrollment did not terminate their contracts
average compared to the first quarter of last year. With these and decided to stay in the system, which indicates a withdraw-
results, non-life insurance premium volume has reached 12.7 bil- al rate of 53 percent. Fund size of auto-enrollment participants
lion TL, life premiums increased up to 1.9 billion TL; and overall that decided to continue with their pension contracts reached 2.9
market premiums reached 14.6 billion TL. Despite a 9 percent billion TL.
increase in the number of policyholders by 9 percent, total traffic
premiums grew by only 0.6 percent, excluding the volume in the
pool. This was due to the price cap system initiated as of April
2017 for traffic insurance - which has a share of 28.7 percent
in non-life premium volume. Stabilization of credit volume that
used to drive the high growth rate in life insurance limited this
quarter’s growth in life insurance premiums. Total share of sev-
en insurance companies that operate in participation insurance
in overall market premium volume has reached 2.7 percent with
their combined premiums standing at 401 million TL. Total
asset size of insurance, reinsurance and pension companies has
reached 160.3 billion TL, up by 22.6 percent over the same pe-