Page 14 - Turkinsurance Digital Magazine

14 at a glance

Insurance and Private Pension (BES) Among the Strategic Priorities of the New Medium-

Term Program (OVP)

President of the Insurance Association Trust, diversity, and technology in students in the system. In addition, the
of Türkiye (TSB), Uğur Gülen: “We are insurance widespread adoption of investment-linked
proud that insurance and BES [Private life insurance policies is also among the
Pension System] are comprehensively Within the scope of the Medium-Term stated objectives.
included in the Medium-Term Program. Program (OVP), significant objectives
We have received our assignments and will have been outlined to diversify the Insurance Association of Türkiye (TSB)
continue working non-stop.” insurance sector, enhance its resilience, President Gülen emphasized that the
and strengthen the climate of trust. It Private Pension System (BES) is a
The Medium-Term Program (OVP), is envisaged that the sector will achieve strategic long-term savings instrument
which will guide the economy for the broader inclusiveness through reforms for Türkiye: “BES not only secures
2026–2028 period, has been published in such as the improvement of insurance individuals’ retirement periods, but also
the Official Gazette. The 74-page program legislation, the establishment of a supports economic growth by channeling
gives significant attention to the insurance regulatory framework for digital insurance long-term resources into the economy.
sector and the Private Pension System and insurtech, and the expansion of We believe that the upcoming regulations
(BES) under the headings of financial agricultural insurance. will lead to a rapid increase in both the
stability and increasing savings. number of participants and the size of the
The program also emphasizes that funds. This will be a critical step in raising
President of the Insurance Association of processes for disaster insurance will be the country’s savings rate and financing
Türkiye (TSB), Uğur Gülen, expressed finalized to cover all types of disaster risks. investments.”
his satisfaction with this development In this way, it aims to provide coverage for
and made the following remarks: “The citizens against a wide range of disasters— Participation finance and inclusiveness
new Medium-Term Program (OVP) has from earthquakes and floods to forest fires
once again confirmed the strategic role and other natural catastrophes. The program also included objectives to
of insurance and BES [Private Pension enhance the inclusiveness of participation
System] in the national economy. Gülen emphasized that the insurance insurance and participation pension plans.
The fact that our sector is included so sector is not only a mechanism that Commenting on this topic, Gülen stated:
comprehensively in the Program is not only provides protection against risks, but also “Participation insurance and participation
a source of pride for us, but also places a cornerstone that supports economic pensions are important tools to integrate
a great responsibility on our shoulders. stability and paves the way for investments: broader segments of society into the
We have received our assignments; as we “The insurance sector is the invisible financial system. Strengthening the
have done so far, we will continue to work shield of economies. By offering coverage regulatory infrastructure in this area will
tirelessly for the economic development of in a wide range of areas—from disasters increase inclusiveness and bring dynamism
our country.” to agriculture, from industry to individual to the sector.”
risks—it serves as the safeguard of
sustainable growth. The fact that this “Continuing to work for the country’s
vision is also underscored in the Medium- development”
Term Program (OVP) is a clear indication
of the importance placed on our sector’s Gülen concluded his remarks by stating
role within the economic ecosystem.” that the Insurance Association of Türkiye
(TSB) is fully prepared to take all
Private Pension System (BES) and Long- necessary steps to help the sector achieve
Term Savings the targets set out in the Medium-Term
Program (OVP):
Under the heading of increasing savings, “Insurance and BES are fundamental
the Medium-Term Program (OVP) assigns building blocks of national development
special importance to the Private Pension and sustainable economic growth. As
System (BES). Notable initiatives include representatives of the sector, we will
the establishment of the Complementary continue to work in cooperation with
Pension System (TES), the redesign public authorities to build an insurance
of standard pension funds, expanding and pension system that enhances trust,
partial withdrawal options in BES, and grows savings, and reaches every segment
introducing regulations to encourage of society.”
the participation of young people and