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The insurance industry is able to pay for not one but more than one earthquake

The country is binding up the wounds of earthquakes that caused severe moral and material damage unitedly. Atilla Benli, the President of the Insurance Association of Turkey (TSB), whose views are included in the Insurance Agenda...

The insurance industry is able to pay for not one but more than one earthquake

While trying to bind up the earthquake wounds, relieving explanations were made from the insurance sector for both TCIP and other damages.

Atilla Benli, President of the Insurance Association of Turkey (TSB), stated that there are 21 percent insurance rates in housing insurance and 17 percent insurance rates in the earthquake zone and said, “We, as a sector, have the power to pay for all disasters, not just earthquakes.”

Selva Eren, General Manager of Türk Reasürans, said, "Currently, we have a paying power of 117 billion at TCIP, part of this figure is Reasürans, and the other part is about 23 billion TL, we have a fund collected from the policies of our citizens. We are able to pay for not just one earthquake, but more than one earthquake.”

11 million lira was paid for agricultural damages

Serpil Günal, Member of the Board of Directors of Tarsim and General Manager of Agricultural Insurance Pool Operations, stated that 11 million TL damage payment was made to the insured in the earthquake area and said, "We anticipate making a further 24 million TL damage payment".

Maher Holding Insurance Group Chairman Ahmet Yaşar emphasized that insurance is one of the most important elements of our life and said, “We don't feel its presence most of the time when there is no need, but we see how difficult our life becomes when there is no insurance. Therefore, insurance makes itself felt during such periods. The work we do is a hard job. We are doing a job related to every area of life."

The fund size in PPT is 409.8 billion liras

According to the data of the Pension Monitoring Center (EGM) on March 2, 2023, the total fund size of the Voluntary Private Pension System (PPT), where the number of participants is 8 million 9 thousand, was 409.8 billion liras. In the Automatic Participation System (OKS), where the number of participants is 6 million 784 thousand, the fund size was recorded as 35.1 billion liras. Thus, the total number of participants in the system exceeded 14 million 793 thousand people, including OKS, while the total fund size was 445 billion TL, including OKS and Government Contribution.

449 Insurance mergers and acquisitions were completed last year

According to Clyde&Co's Insurance Growth Report, 449 insurance M&A deals were completed worldwide last year. in 2021, there were 418 transactions. Meanwhile, it was emphasized that the figure of 449 is the highest since 444 in 2012. In 2009, the number of insurance mergers and acquisitions completed worldwide broke a record with 573.

According to S&P Global Ratings, despite the growing interest in cyber insurance, the organizational structures, workplace culture and broader risk management ecosystems that come together to minimize cyber threats are still missing.

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