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Insurance Association of Türkiye (TSB) President Uğur Gülen: “We are building a
steadily growing and financially strong insurance ecosystem”
Gülen further noted that with the diminishing impact of
inflation on the sector, real growth figures will become
evident this year, stating: “Over the past 20 years, the
insurance sector has grown by 10-20% above inflation. We
closed 2024 with 838 billion TL in premium production. For
2025, we anticipate growth in the range of **35-40%. With
price stability achieved, we will now be able to see inflation-
adjusted real growth figures.”
Ahmet Yaşar: “Losses in Traffic Insurance Continue to
Rise”
Vice President Ahmet Yaşar highlighted the cost pressures in
Insurance Association of Türkiye (TSB) President Uğur traffic insurance, stating: “Losses in traffic insurance continue
Gülen stated that the insurance sector is moving towards its to increase. In 2023, the branch reported a technical loss of
goals with strong steps, saying: “Our sector, with total assets 13.9 billion TL, which rose to 34.9 billion TL by the end of
exceeding 2.2 trillion TL, continues to strengthen its equity 2024. Although the claims-to-premium ratio decreased from
structure, enhancing its financial resilience.” . 141% to 137%, price pressure persists due to the mandatory
tariff system. We anticipate that transitioning to a liberalized
The Insurance Association of Türkiye (TSB) Board of tariff system** will create a more competitive environment in
Directors gathered with members of the press for an iftar this field and lead to lower prices.”
event. The meeting, led by President Uğur Gülen, was attended
by Vice Presidents Ahmet Yaşar and Taylan Türkölmez, Emphasizing that strategies to enhance the financial
Board Members Neslihan Neciboğlu and Erol Öztürkoğlu, resilience of the insurance sector will continue, Yaşar
and Secretary General Özgür Obalı. At the gathering where stated: “Maintaining capital adequacy, increasing insurance
the 2024 technical results of the insurance and private penetration, and improving operational efficiency will be
pension sectors and expectations for 2025 were shared, the among the top priorities in the coming period. For 2025,
“Earthquake-Focused Insurance Reform Agenda,” developed our strategic initiatives include cost management, regulatory
by the Association in response to increased expectations from compliance, and reporting processes, as well as adaptation
the insurance sector following the February 6 earthquakes, to the new Solvency Capital Adequacy Model and TFRS 17
was also explained in detail. Insurance Contracts Standard.”
Insurance Association of Türkiye (TSB) President Uğur Neslihan Neciboğlu: “The Sector Will Focus on Financial
Gülen stated that 2024 stood out as a year of strong growth Sustainability”
and financial resilience for the insurance sector. Gülen
said: “The insurance sector has continued to strengthen its Insurance Association of Türkiye (TSB) Board Member
equity structure, enhancing its financial resilience. In 2024, Neslihan Neciboğlu highlighted the sector’s technical
equity capital grew by 74%, reaching 265.3 billion TL. profitability, stating: “The technical profitability of the
This development has also reinforced insurance companies’ insurance sector increased by 69% in 2024, reaching 103.6
capacity to meet their long-term liabilities. One of the billion TL. Of this profit, 84 billion TL came from non-life
most promising developments is the increase in the number branches, while 19.6 billion TL was generated from life and
of policies in key branches such as motor, health, and fire pension branches. Meanwhile, net profit for the period rose
insurance.” by 57%, reaching 103.9 billion TL. Looking at profitability
ratios:Return on assets (ROA) was 12%, Return on equity
Emphasizing that the sector continues to strengthen its (ROE) was 50%, Premium-to-technical profit ratio stood at
balance sheet, Gülen stated:”In 2024, the total assets of 12%.”
our insurance sector grew by 61%, reaching 2.29 trillion
TL. This growth has strengthened the financial stability of Discussing expectations for 2025, Neciboğlu emphasized:
insurance companies and established a crucial foundation for “For 2025, reviewing pricing mechanisms, strengthening cost
sustainable expansion.” management strategies, and optimizing investment returns
will be of critical importance. With digital transformation,
Highlighting that the sector is taking steps to enhance capital innovative product development, and customer-focused
adequacy, Gülen added: “We are developing new financial strategies, the sector will concentrate on achieving long-term
instruments and investment strategies to manage our capital financial sustainability.”
structure more efficiently.” .