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        The 71  General Assembly of the Insurance Association of Türkiye (TSB) Was Held


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        The 71  Ordinary General Assembly of the Insurance Association
        of Türkiye (TSB) was held with the participation of member
        companies. At the meeting, where TSB President Uğur Gülen
        presented  the  2024  assessment,  key  topics  included  2025
        expectations, priority agenda items, current challenges, and the
        sector’s five-year strategy.

        Serving as the umbrella organization of the insurance industry,
        the  Insurance  Association  of  Türkiye  (TSB)  convened  its
        71st  Ordinary  General  Assembly  on  May  8,  2025.  With  the
        TSB  administration  and  member  companies  in  attendance,
        and elections held for the association’s governing bodies, the
        General Assembly featured evaluations of the current state of
        the insurance sector and its future objectives.
        Addressing the General Assembly, TSB President Uğur Gülen  Gülen pointed out that the country’s population is beginning
        emphasized that over the past year, they focused on transforming  to age and, coupled with the increase in life expectancy, the
        the Union’s role, stating:“First, we changed the way the Union  length of time spent in retirement is growing—leading to a
        operates, adopting an ecosystem-based approach that embraces  potential income gap. He stated that, in this context, the most
        every  stakeholder  and  prioritizes  stable  growth  through  critical item on the agenda should be the implementation of the
        collective  wisdom.  Within  our  member  companies,  without  Complementary Pension System in a structure that supports
        making  any  distinction  between  old  or  new,  small  or  large,  the existing social security system. Gülen highlighted that the
        domestic or international, we embraced the spirit of ‘us’ and set  Individual Pension System (BES) continues to grow steadily,
        goals that will carry our sector into the future with confidence  with  over  17  million  participants  and  a  fund  size  reaching
        and strength.”                                        1.4 trillion TL, and is now widely recognized by citizens as
                                                              a reliable savings tool.  He emphasized that the substantial
        Highlighting that the insurance sector managed to protect itself  30%  state  contribution  remains  the  main  driving  force
        against inflation in 2024 and reached a volume of 26 billion  behind public interest and added that the implementation of
        dollars while strengthening both its equity and return on equity,  the upcoming Complementary Pension System (TES) would
        Uğur Gülen continued: “With the balancing of reinsurance costs,  further accelerate BES’s growth trend.
        we expect the increase in policy prices to remain limited in 2025.
        First-quarter  sector  figures  indicate  that  although  financial  “We Do Not Forget the Reality of Earthquakes”
        income has declined this year, cost control has been achieved,
        and profitability from insurance operations is anticipated. Based  Uğur Gülen also drew attention to the possibility of a major
        on these expectations, we foresee the sector reaching a volume of  Marmara  Earthquake,  stating  that  it  remains  one  of  the
        30 billion dollars by the end of 2025 and aim to steadily increase  most  critical  issues  on  the  sector’s  agenda.  He  continued:
        our share in the national economy.”                   “In  the  event  of  a  major  earthquake  centered  in  İstanbul,
                                                              it is estimated that there would be an economic loss of
        Emphasizing  the  sector’s  overall  financial  strength,  Gülen  approximately  300  billion  dollars,  of  which  around  25–30
        added: “Financial resilience is indispensable for insurance. In  billion dollars is expected to be covered by our insurance
        this regard, the steps taken recently by the Insurance and Private  sector.    On  the  other  hand,  when  comparing  the  past  with
        Pension Regulation and Supervision Agency (SEDDK) to enhance  the present, the growing awareness of insurance through the
        stability and security in our sector are of great importance to us.  compulsory earthquake insurance system led by DASK is a
        We must also highlight that the recent capital regulation has  strong indicator of increasing trust in insurance.”
        significantly strengthened our companies’ financial resilience
        and now serves as a shield against potential risks.”  Referring  to  the  Earthquake-Focused  Insurance  Reform
                                                              Agenda developed with the priority of a potential earthquake,
        “Key Issues in the Sector Must Be Resolved as a       Gülen  stated:  “Through  this  initiative,  we  are  working  on
        Priority”                                             comprehensive,  multi-dimensional,  and  multi-stakeholder
                                                              reform  proposals  that  center  on  the  ‘policyholder.’  These
        In the final part of his address to the General Assembly, Gülen   include  integrating  earthquake  risk  into  all  insurance
        focused on the long-standing issues of the insurance sector,   policies  with  standardized  and  specially  designed  coverage,
        highlighting that the foremost and most significant among them   increasing insurance penetration, creating alternative funding
        is  the  motor  third-party  liability  insurance  branch.  He  stated   mechanisms, enhancing the knowledge and awareness levels
        that  the most crucial solution lies  in transitioning to a free   of distribution channels, and implementing sector-specific
        tariff system, but emphasized that this step must be preceded by   regulations. Our preparations in these areas continue at full
        bringing the costs within this branch under control.  speed.”
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