Page 3 - TurkInsurance Digital Magazine

Dear Readers,

For the May issue of Turkinsurance, we have prepared an is- At the end of the first quarter of this year, total number of
sue full of news, articles, analyses and researches to shed light participants in BES (Individual Pension System) reached 6
on Turkish insurance and pension markets. million 948 thousand; and 3 million 849 of them have partici-
pated in the system via auto-enrollment. Total fund size of the
Digital developments that have accelerated in recent years are system stood at 17 billion 714 million USD; and 609 million
reshaping the processes worldwide, including Turkey. Insur- 103 thousand USD was contributed by the participants who
ance market is one of the ones that stands out in terms of participated via auto-enrollment.
digitalization and invests in robo-advice technologies in par-
ticular, as well as blockchain, artificial intelligence and other This month’s Interview section hosts Murat Hakseven, CEO of
robotic systems. Companies that can comply with the digital Insurance Information and Monitoring Center (SBM). This
trends stand out among their competitors with their rapid and month, our Country Profile section covers Cyprus. You can
solution-oriented performances. have a general idea Cyprus’s general economic condition its
progress and insurance rates by reading this report.
Having left behind a tough year both due to regulatory amend-
ments and catastrophic flood and hail events, Turkish insur- Hope to meet with the next issue
ance and pension markets reported a total technical profit of
599 million USD in the non-life segment. Technical profita- Your sincerely
bility of life segment stood at 347 million USD, compared to
61 million USD in the pension segment.