Türk Reasürans A.Ş celebrates its 1st anniversary

26 October 2020 — press.release
Türk Reasürans A.Ş, which was established with the aim of contributing to the objectives of the New Economic Program, namely "Economic Balancing" and "Healthy and Sustainable Growth" in relation to the insurance market, increasing the local reinsurance capacity and ensuring resource efficiency, has completed its first year.

Selva Eren, the General Manager of Türk Reasürans A.Ş, made the following remarks about the 1st anniversary of Türk Reasürans A.Ş:

“We have reached our target of becoming a reliable business partner despite the conditions and the period. We owe this to our team comprised of the professionals of the insurance market and to our responsive and agile management approach which pays great importance to shared wisdom." 

Picture: Selva Eren, General Manager, Türk Reasürans A.Ş

Here are some highlights from Eren's speech:

“We have already participated in the treaties of 17 insurance companies. We are going to boost our capacity in such treaties in the coming period and maintain our support for the market. As of January, we have started to provide facultative capacity for the industry. Moreover, we have undertaken the technical operations of the Turkish Catastrophe Insurance Pool (TCIP). We will launch several projects to further contribute to this invaluable institution."

Eren stated that one of the biggest catastrophic risks Turkey faces is the earthquake risk.

"I would like to emphasize the importance of the management, transfer and efficient modelling of the earthquake risk. Recently, we have undertaken the technical operations of TCIP. Our biggest priority for the period ahead is strengthening reinsurance protection by evaluating the results of the modelling. The "catastrophic modelling platform", which is one of our most important projects, is going to be built in line with the most technologically advanced architectural principles, and it will be a part of our lives as a solution offering a detailed simulation capacity. In addition, together with responsible public institutions, we will be supporting the inventory-taking project that covers all buildings across the country. Furthermore, we have made investment decisions that will be facilitative for serious readiness in all fields, particularly in technological infrastructure, to be able to immediately manage any possible damage. We are also continuing our efforts to raise public awareness rapidly and effectively.

Moreover, we have contributed to the reinsurance activities of several important bodies in our market, such as Tarsim (Agricultural Insurance Pool) and have partaken in reinsurance agreements.

We have been assigned to the management of the Extraordinary Risks Management Center (ERMC). The financial products that the market and public institutions sought for were introduced. This was the result of a good cooperation among the global and the local reinsurers.

Our first step was to create the reinsurance structure of state-backed credit insurance under the roof of ERMC. State-backed credit insurance has been redesigned by the support of Türk Reasürans A.Ş and other reinsurers. Hence, we have helped introduce it to a larger audience.”

Eren indicated that Türk Reasürans A.Ş reached an underwritten premium of 723 million TRY in nine months and that their year-end target was to exceed TRY 1 billion. She also mentioned that the period profit as of 30 September 2020 was 101 million TRY before tax, with a 3rd quarter combined ratio of 80%.

Eren added the following: “We at Türk Reasürans A.Ş will continue to make a difference for our country and the market. "
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