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8 at a glance

TSB Chairman Atilla Benli: ‘No life without insurance’

Life insurance, which facilitates the satisfaction of the financ-
ing needs of individuals, also provides coverage for personal
loans, allowing citizens to meet their borrowing needs at af-
fordable costs. In this sense, Atilla Benli pointed out that it is
extremely wrong to consider citizens a financial burden, and
that life insurance, as a mechanism that reduces credit costs,
both protects the consumer and allows the financial system
to work in a healthy way, and continued his words as follows:
“In credit-linked life insurance, the credit debts of our citizens
who passed away during the year are paid by our insurance
companies, with the automatic inquiry system, which is unique
in the world and is carried out twice a year since 2014. If
there is any remaining part, it is transferred to their relatives.
Thanks to the transparent and reliable system, we have re-
The Insurance Association of Turkey (TSB) announced that ceived appreciation from many of our citizens. We must have
as a result of the death of 132 thousand insurance companies
in 2021, the insured covered 1.6 billion TL of loan debt. Re- insurance coverage, not to say I wish.”
minding that our most important asset is our life, TSB Presi- “Unfortunately, we tend to ignore the risks to our lives”
dent Atilla Benli: “It is possible to protect our loved ones even
when we are not; to be prepared for injuries that may occur Emphasizing that there are many benefits of life insurance,
as a result of unfortunate events such as illness, accident, with Atilla Benli gave the following information about its cover-
life insurance. These unfortunate events lead to great difficul- age: “Life insurance allows you to maintain your standard of
ties in individuals and families from a spiritual point of view, living financially in the event of physical disabilities as a result
as well as from a material point of view. Today, there is a life of an accident or illness, and in the event of a death, leave a
insurance product available in our country that is suitable for savings to your loved ones. However, it offers financial sup-
everyone, and everyone needs to insure against possible risks port for the completion of your children’s education. It pays
with life insurance. No life without , insurance.”
for your treatment expenses arising as a result of an accident
or illness covered by the policy. Most types of insurance are
Speaking about the latest life insurance regulations, the Pres- valid for a certain geography, while life insurance is valid all
ident of the Insurance Association of Turkey (TSB) Atilla over the world. On the other hand, you can also deduct the
Benli announced that the regulations expected in the relevant premiums you pay for all these life products from the tax base
regulations have been implemented recently by the Insurance in certain amounts.”
and Private Pensions Regulation and Supervision Agency
(SEDDK), the regulatory body of the sector, in order to make In 2021, the average credit life policy premiums on a
life insurance more attractive according to the needs of the credit basis decreased by 8%, while the loan debt paid as
citizens. compensation increased by 23%

Emphasizing that ignoring the risks related to our lives leads According to the information compiled by the Insurance As-
to economic problems, Benli said as follows: “As the roof or- sociation of Turkey from member companies; life insurance
ganization of the insurance sector, we are working diligently companies have closed the credit debt of insured persons by
to draw attention to the importance of the social and econom- 1.6 billion TL as a result of 132 thousand deaths reported in
ic role that life insurance plays and to raise awareness about 2021. This amount was 1.3 billion in 2020, and in 2021 the
life insurance. In this direction, we believe that we should con- increase was 23%. Despite the 23% increase in compensa-
tinue to explain the benefits and advantages of life insurance tions, in parallel with the regulations in the loan market, aver-
products in the best way together with all our stakeholders as age premiums per loan decreased by 8% on average compared
a sector without getting tired of it.” to the previous year.