Page 11 - TurkInsurance Digital Magazine

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Can Akın Çağlar, President of the Insurance Association of Turkey: ‘‘Societies that
cannot protect their present will not be able to look to the future with confidence’’

to Çağlar, 118.4 TL of that cost was paid for claims, 10 TL
was paid as agency commission, and 6 TL was operational cost.
Also discussing the recent statistics of Individual Pension System
(BES) and Auto Enrollment System (OKS), President Can Akın
Çağlar stated that BES system reached 6.9 million participants
in 14 years, whereas OKS reached 3.4 million participants in 1
year. According to Çağlar, as of 2017, total number of partic-
ipants reached 10.3 million and fund size reached 79.6 million
TL, including state-subsidy funds. He stated that the returns of
BES for investors were 2 points higher than the average inflation
rate of the last 10 years and 3.2 points higher in 2017. President
Çağlar also shared the results of the Association’s research on
the Auto Enrollment System; according to which, state support
In a press conference organized by the Insurance Association of was the best known part of the system and nearly half of the
Turkey to evaluate the 2017 results and future expectations; Can participants left the system due to their negative experiences in
Akın Çağlar, President of the Insurance Association of Turkey, the past and therefore mistrust in the system. He stated that the
talked about the functions of insurance and said: “Societies that government designed BES as a system where participants can
cannot protect their present will not be able to look to the future see and manage their accounts in a transparent way, and so it
with confidence.” was a highly reliable system under the supervision and inspection
of the State.
Çağlar stated that the insurance market’s premium production
increased by 15 percent and reached 46.5 billion TL, which re- Can Akın Çağlar also talked about the new areas in the mar-
sulted in 119 billion TL fund support for the national economy. ket: “Participation Insurance will develop as the legislative
He emphasized that the market provided insurance coverage for infrastructure is established; and product range will get diver-
8.2 million homes, 17.5 million vehicles, 1.5 million businesses, sified accordingly. This will increase the comprehensiveness of
and health coverage for 2.7 million people. Çağlar also talked insurance in our society. We are also working on indemnity and
about the compensations paid by the insurance market, saying credit insurance. Through indemnity insurance, insurance mar-
that the market paid 28.4 billion TL in total as compensations, ket can carry out banks’ function of guarantee letters; therefore,
which equaled to 112 million TL payment per day. financial access will be easier for companies. Credit insurance
is a huge opportunity for SMEs in terms of providing financial
Adding that the premium volume of compulsory health insurance protection.” He underlined that the government expected ‘Com-
decreased by 11 percent over the same period of previous year, plementary Health Insurance’ to play a major role in decreasing
while the number of policies increased by 6 percent and increased State’s burden in health expenses, and added that the number of
up to 17.5 million; Can Akın Çağlar said that the market paid health insurance policyholders increased from 64 thousand peo-
134.4 TL for each 100 TL earned in traffic branch. According ple to 676 thousand people in the last four years.

Koalay.com adds travel health insurance to its insurance

portfolio structure
Bradley Du Chenne, CEO of Koalay.com Turkey, shared details often visas would not be issued
about the new products and services Koalay will be focusing on if the coverage were to be less.
as of 2018. Stating that Koalay.com has recently added trav- He added: “The area of cov-
el health insurance to their traffic, Kasko (motor) and DASK erage is categorized as whole
offerings; Bradley Du Chenne said that other focuses were in world or Schengen area (which
supplementary health, home products, personal accident, and is not included in whole world).
life products. Underlining that travel health insurance is a highly Personal accident limits should
important insurance policy to have, Bradley Du Chenne said that also be noted. Over and above
apart from being a requirement for visa applications, it gave the other insurance standard of-
person peace of mind that their health and belongings would be fers, in the product we offer,
covered in the foreign country, if anything were to happen. payback of the visa application
fee in the case of visa refusal is
Bradley Du Chenne also emphasized that individuals should fo- included.” Bradley Du Chenne said: “The process is as easy as 3
cus on specific areas while buying travel health insurance, medi- inputs to get a quote and an extra step to purchase. The person
cal coverage limit being one of the most important factors. Brad- can choose to get cover for specified travel dates or for a full
ley Du Chenne reminded that the standard was 30.000 EUR and year, for whole world or Schengen region.”