“As the prices increase, the guarantees of the insured products should also be increased”

as the prices increase the guarantees of the insured products should also be increased 0 PCgsB25Z

Turkish Insurance Association (TSB) Secretary General Özgür Obalı stated that in an inflationary environment, the guarantees of insured products must be increased.

Stating that many players in the world did not provide coverage to the said regions after Russia’s attack on Ukraine, Obalı said, “There is a $4 billion risk that the Turkish insurance industry has taken in the region in question. A significant majority of them are in the fields of fire and engineering. ” said.

Expressing that the insurance industry plays an important role in the continuation of both financial life and personal life in the most important events, Obalı said, “The insurance industry is the most important stakeholder of sustainability. In this sense, it is very valuable for us to explain the importance of the insurance industry. Insurance has an important role in maintaining future living standards.In this sense, Private Pension System (BES) has made a significant progress

10-year return, above inflation

BES Pointing out that there was an ambitious development, Obalı said, “The state had unrivaled support on this issue. This momentum accelerated with the 25 percent support increasing to 30 percent. As of the beginning of the year, 127 thousand additional participants came. 268,000 participants under the age of 18 are also very important. The important thing here is to take the right shots at the right time and start early. Changing the fund and increasing it to 12 offers new options for the participant. When we look at the 10-year returns, it is seen that the BES provides returns above the inflation.”

The following information about the insurance sector was also included in the program:

– The premium production of the insurance sector in the first two months of the year increased by 63.4 percent compared to the previous year

– The insurance sector produced a total premium of 27.4 billion TL in January and February with this growth

– After the sector’s inflation was adjusted After two months, its real growth was 5.8 percent

– 23 billion 956 million TL of premium production came from non-life branches

– Growth in non-life branches last year While it was 66.4 percent compared to the same month, real growth was 7.7 percent after adjusting for inflation

– Premium production of 3 billion 400 million TL was recorded in the two months of the year on the life side

– First While the growth in the life branch was 45.2 percent in 2 months, a 6 percent contraction was observed when adjusted for inflation.

– Health insurance, compulsory traffic insurance and general damages branches became the leading branches with their premium production exceeding TL 4 billion each in the first two months.

– According to the data of Pension Monitoring Center dated March 18, 2022, the number of participants in BES exceeded 7 million 247 thousand, while the total fund size increased to 254.7 billion liras.

– In the Automatic Enrollment System, where the number of participants exceeded 6 million 211 thousand, the fund size reached 18.6 billion liras.

– While the total fund size in the system, including the Automatic Enrollment System (OKS), reached 273.4 billion TL, the total number of participants exceeded 13 million 459 thousand.

As of March 18, 2022, the total amount of state contribution including OKS in the system is cumulative 25.8 billion TL.

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