Turkish Insurance Association (TSB) President Uğur Gülen held a press conference yesterday with vice presidents Ahmet Yaşar, Taylan Türkölmez, board member Yavuz Ölken and general secretary Özgür Obalı, where he discussed the current situation and problems of the sector and gave information about new goals. .
In this context, one of the important issues was capital adequacy, which is of great importance for the future of the sector. Stating that the capital adequacy ratios of the sector have been improving steadily, Gülen emphasized that this ratio increased from 287 percent to 292 percent in the life branch and from 146 percent to 151 percent in the non-life branch from the end of 2023 to June 2024. At this point, Gülen also made the following warning:
“Our sector must continue its equity growth in order to be prepared for the Istanbul earthquake. “The impact of the Istanbul earthquake on our industry is expected to be over 30 billion dollars.”
Yavuz Ölken reminded that the international critical threshold for non-life capital adequacy is 140 percent and continued as follows:
“I think we will close this year with a rate below 150 percent. “As Türkiye, we are very open to external shocks.” Other issues that came to the fore at the meeting and their solution suggestions are as follows:
Compulsory traffic insurance: In order to eliminate very risky drivers from the system and to ensure that good drivers receive more affordable premiums, it is first requested that a “banded tariff” be introduced. A “free tariff” is requested for one year. According to the information given, 24 million good drivers pay the cost of risky drivers, whose number is approximately 40 thousand people. In addition, a new legal regulation regarding loss of value is requested. In addition, various restrictions can be made using technological possibilities to increase penetration.
Supplementary pension: It is desired that this system be considered above politics and that all parties come together and discuss it. In the new setup, it is suggested that there will be employer contribution and that the system can only be exited during the retirement period (56 years of age and number of premium days are required). Stating that studies on the draft are continuing, Taylan Türkölmez stated that the issue of severance pay was never brought up in the negotiations with the authority on the subject and said, “We think that the new system can start in 2026.”
Building completion: Legislation regarding building completion insurance, which is important for urban transformation, has been completed. Stating that his companies are ready for this issue, Ahmet Yaşar stated that it is important that the stamp duty and fee exemption granted to banks is also applied to them.
Source: www.cumhuriyet.com.tr
