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Founded in 2019 with the aim of increasing domestic reinsurance capacity in Turkey and ensuring resource efficiency, Türk Reasürans celebrates its 5th anniversary with pride today, fully financed by the Ministry of Treasury and Finance of the Republic of Turkey.
In the past five years, Türk Reasürans has successfully positioned itself as a "reliable exporter of security" not only in Turkey but also on the international stage.
With its goals of contributing to the technological infrastructure, skilled human resources, corporate structure, and financial strength of the Turkish insurance sector, Türk Reasürans continues to add new achievements to its successes every day, drawing strength from its stable growth and vision that guides the industry. With each step it takes, Türk Reasürans raises the bar for success in the Turkish insurance sector.
Impressive Performance and Growth
Selva Eren, General Manager of Türk Reasürans, began her remarks by saying, "The success of the Türk Reasürans family is a result of our collective effort, belief, and unwavering commitment to our common goals." She continued: “We have increased our original equity of 600 million TL to 4.3 billion TL in our 5th year, raising our total assets to 23.6 billion TL. At its establishment, Türk Reasürans provided coverage to 16 insurance companies and 3 institutions in the country, and now it provides security to 29 insurance companies and 5 institutions. We are also proud to be exporting security to 57 different countries across 5 continents.”
In the first half of 2024, Türk Reasürans produced consolidated gross premiums of 8.3 billion TL and net premiums exceeding 7.1 billion TL. The total gross compensation paid has been recorded at over 10.1 billion TL since the establishment of Türk Reasürans. As of the first quarter of 2024, Türk Reasürans increased its market share in the Turkish reinsurance market to 57%.
By the end of the first half of 2024, the company's net profit for the period reached 1.4 billion TL, and its current ratio rose to 2.1. Compared to the same period of the previous year, Türk Reasürans successfully increased its net profit by 96%. The company achieved a technical profitability of 31% and a return on equity of 33%.
Affiliates and Innovative Approaches
Türk Reasürans adds value to the sector through its subsidiaries, which it has established with 100% its own capital, in line with its operational areas and purposes of existence.
Considering the importance attributed to participation insurance within the financial system, Türk Reasürans established the Turkish Participation Reinsurance Company in September 2021 to provide reinsurance capacity in this area with a visionary perspective before the establishment of participation insurance companies.
In December 2022, Türk Reasürans founded a tech park company named T-Rupt Technology to offer technical and technological innovations to the sector in the fields of insurance, reinsurance, and catastrophic modeling. The catastrophic modeling product CATMOD, developed within T-Rupt, is one of the few solutions in the world and the first of its kind in Turkey. CATMOD differentiates itself from other models with damage susceptibility functions tailored to the conventional construction practices in our country. It also provides financial loss modeling services to the insurance sector in the face of disasters.
The Success Journey of DASK
Türk Reasürans increased the payment capacity of the Natural Disaster Insurance Institution (DASK), for which it took on technical management in 2020, from 25 billion TL to 280 billion TL.
While the total compensation paid throughout the 24-year history of DASK was 40 billion TL, following the earthquakes in Kahramanmaraş on February 6, Türk Reasürans managed DASK to deliver payments amounting to 37.7 billion TL to policyholders in a record time of 6 months, thanks to effective process management. Since Türk Reasürans took over the technical management of DASK, the technological infrastructure has been renewed and business processes optimized, enabling seamless and efficient service delivery to citizens.
To expand the coverage provided to citizens, the project to transform the Compulsory Earthquake Insurance into the Compulsory Disaster Insurance (ZAS) has been completed.
Special Solutions for Special Risks
Through the Special Risks Management Center, which Türk Reasürans has taken on technical management, coverage has been provided for risks that cannot find insurance or reinsurance coverage, have unique characteristics, and are of public interest, thereby creating high added value for the country's economy. The Special Risks Management Center (ÖRYM) also manages State-Supported Receivables Insurance, Mandatory Personal Accident Insurance for Mine Workers, and Medical Malpractice Liability Insurance Pools. Playing a key role in resolving the coverage issues arising from the Russia-Ukraine crisis, ÖRYM successfully continues its mission to provide coverage in the fields of all-risk aviation, commodity transportation insurance (agricultural), commodity transportation insurance (other commodities), and hull war insurance in alignment with the interests of our country.
Future Goals
Selva Eren, the General Manager of Türk Reasürans, stated that the organization has been serving the country in line with its vision and mission since its inception and aims for even greater successes: “As the Türk Reasürans family, the efforts we demonstrate and our understanding of collaboration at every step are taking us towards greater achievements. The results we have achieved and what we have produced convey the important message that our country has the financial strength and stability to export security. The goals we have reached during our 5-year journey as Türk Reasürans are stepping stones that will lead us to even greater successes. I firmly believe that with determination and resolve, we will achieve all our goals on this path we walk together.” |
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