Page 3 - Turkinsurance Digital Magazine

Dear Readers,

For the July issue of Turkinsurance, we have pre- this period, the largest increase in premium production was
pared an issue full of news, articles, analyses and research- observed in the fire and natural disasters and health sectors,
es to shed light on Turkish insurance and pension markets. while liability insurance and health insurance were the sec-
tors with the most significant growth.
In recent years, as digital transformation in the insurance
sector has rapidly advanced, interest in insurtech (insurance By the end of the second quarter of 2024, the increase in
technology) has also been steadily increasing. Insurtech is both the total number of participants and fund amount in
defined as an approach that combines technology and inno- the Individual Pension System (BES) outpaced the previous
vation to enhance the operational processes and customer period’s growth. During this period, the number of BES par-
experience of insurance companies. The necessity for digi- ticipants increased by 11.53% compared to the same period
talization and remote service delivery, especially during the last year, and the number of participants enrolled through
pandemic, has encouraged insurance companies to turn to- automatic participation rose by 8.79%. The total fund size
wards technology. Globally, insurtech ventures are making in BES increased by 79.87% compared to the same month
waves with their innovative products and services, prompting of the previous year, reaching 839 billion 349 million TL,
traditional insurance companies to seek digital solutions to while the OKS fund amount grew by 81.09% to 67 billion
remain competitive. 982 million TL.

In the first quarter of the year, total premium production Hope to meet with the next issue
in the insurance sector increased by 91.78% compared to
the same period last year, reaching 199.2 billion TL. During Your sincerely