OKTAY: Life insurance purchasing should be encouraged by state financial incentives

"The existence of a governmental sponsorship is very important to motivate people in purchasing long term life insurance policies, especially when it comes about the emerging, very young insurance markets", said Dr. Ahmet Naim OKTAY, CEO, Bs Management Consulting, speaking about the international experience of long term life insurance at the 2012 edition of AIIF - The Azerbaijan International Insurance Forum. "In Turkey, 65% of the insured cannot benefit from tax deduction", he added.

Emphasizing the significant role held by life insurance both with regard the personal income security and in terms of contribution to the national wealth, OKTAY mentioned that the life insurance premium composes 57,9% of the total worlwide premium volume, which was in 2010, according the Swiss Re publication Sigma, of USD 4.32 trillion.

He also showed that an empirical and theoretical study done in Nebraska, USA has demonstrated that 1pp increase in the growth of life insurance industry is associated with a 0,25% increase in the economic growth rate, while the life insurance growth explains approximately 14% of the variance of economic growth .

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