2011 Year End GI GWP Expectation Of Turkish Insurance Sector

 

I received the figures below from web site of Association of Turkish Insurance and Reinsurance Companies (TSRSB). Comparing last 7 years figures, I tried to reach to 2011 year end GI GWP expectation of Turkish Insurance Sector.

In the past, it looks like Q4 stand alone figures in total year GWP were btw. 25.3%  and 28.4%.  For 2010 it realized as 27.4%.

If we accept that it will be the same ratio with last year (27.4%), can we say that 2011 year end GI GWP Expectation of Turkish Insurance Sector will be  14.490.064.103 TL?

 

The Story of www.sigortadukkanim.com Project

In the last months of 2010, my wife, now my partner in Sigorta Dükkanım, who has been working in the insurance sector for a long time, was doing feasibility studies to develop a software supported by the CRM infrastructure, that would enable agencies to better manage their their protfolio and use technological and web based tools and channels to increase their sales.

In the same days, one of our friends from abroad, told us about his Slovak friend living in Russia who had seen a quick increase in on-line insurance investment, although she had started with a humble budget.

To learn better about the experience undergone in Russian market having similarities with ours, we went to Bratislava, the capital of Slovakia, and discussed with the above mentioned enterpreneur about how this project was implemented, the different phases that the project went through and what was done and not done.

As we listened, we were convinced that that online insurance business could be implemented in Turkey; the entire model we had planned for agencies actually would be perfect fit for our own venture.

The recent evolution of social media in Turkey coupled with the 1200% increase in the web user  population over the last three years motivated us to embrace this project.

We prepared a work plan without delay and realized how solid and detailed it was once it was completed. Either that or perhaps it was because we stuck to the workplan in such a disciplined fashion.

Afterwards, we scheduled an appointement with  two of the market leaders in England, where the online insurance market is the most evolved.
During the discussions details of “speed” at improving and growing the market  gave us further hope.

As of February 2011, 70% of auto insurances  policies were sold online in England.

England’s online insurance story began with direct web sales. Over time, people’s need to shop around regarding price and different products when purchasing insurance, propelled insurance intermediaries to come up with the common platform idea.

Online distribution, which picked up momentum in England in 2002, saturated the local market by 2011.

Insurance companies began investing in Italian and Spanish markets. Before investing in a country, they looked at criteria such as whether or not internet users made up more than 50% of the country’s total population.

When we visited to  London in February, this ratio in Turkey was 33%, but by August the ratio had creeped up to 44%.

In the other hand, while in February 2011, the number of web users was below Spain and Italy, by August 2011, Turkey’s number of web users exceed that both countries.

We held our meetings and explained what we were hoping to achieve. One company, which we met, even offered to provide investment capital.

With our business plan and presentation at hand, we started to meet with investors, as the venture needed more capital than we had to launch with a proper communication investment.

Finally, we found an investor and on April 20, 2011 we established our company.

It is all worth mentioning that before we moved into our office in May, we met with our core team every weekend at “Lavazza Cafe”.

We had the full support of the Insurance Section of the Turkish Treasury and top management of many insurance companies.

On 12.10.2011 we celebrated the kick-off of “www.sigortadukkanim.com” at the Tomtom Suites Hotel with the attendance of all those that had supported us in our venture.

We believe in our project and we know that the future of the insurance business is growing the retail, mainly online insurance. As the Sigortadukkanim team, we are proud to be one of the front runners of this new line.

Growth Expectation in Turkish Insurance Market for Next 10 Years

July 2011 GWP results of Turkish Insurance Sector

July 2011 GWP results of Turkish Insurance Sector has been announced by TSRSB. (Both Life&GI Companies)

 

Rank Company 2010-7 2011-7 Growth %
 GWP (TL) Market Share%  GWP(TL) Market Share%  
             
1 Axa 852.692.948 % 10,36 1.100.899.869 % 10,81 % 29,11
2 Anadolu 814.044.406 % 9,89 1.056.954.847 % 10,38 % 29,84
3 Allianz 622.552.820 % 7,56 704.032.818 % 6,92 % 13,09
4 Ak  529.862.998 % 6,44 697.346.852 % 6,85 % 31,61
5 Ziraat Hayat ve Emeklilik 358.958.275 % 4,36 607.002.667 % 5,96 % 69,10
6 Groupama 412.881.437 % 5,02 526.407.573 % 5,17 % 27,50
7 Yapı Kredi 426.566.069 % 5,18 505.983.647 % 4,97 % 18,62
8 Gunes 414.928.253 % 5,04 450.424.961 % 4,42 % 8,55
9 Eureko 358.688.785 % 4,36 442.470.277 % 4,35 % 23,36
10 Ergo 405.031.554 % 4,92 388.055.934 % 3,81 -% 4,19
  First 10 Companies       5.196.207.546 % 63,12        6.479.579.446 % 63,65 % 24,70
11 Mapfre Genel  251.610.170 % 3,06 294.098.146 % 2,89 % 16,89
12 Ziraat 87.775.879 % 1,07 224.600.700 % 2,21 % 155,88
13 Anadolu Hayat Emeklilik 212.509.734 % 2,58 208.611.547 % 2,05 -% 1,83
14 Sompo Japan 187.703.365 % 2,28 188.253.567 % 1,85 % 0,29
15 HDI 130.309.840 % 1,58 170.183.402 % 1,67 % 30,60
16 Zurich 127.673.966 % 1,55 169.280.112 % 1,66 % 32,59
17 Aviva 168.482.227 % 2,05 162.297.243 % 1,59 -% 3,67
18 Garanti Emeklilik 150.888.145 % 1,83 152.418.008 % 1,50 % 1,01
19 Ray 146.255.279 % 1,78 144.182.141 % 1,42 -% 1,42
20 Acıbadem Saglık ve Hayat 93.878.921 % 1,14 127.912.838 % 1,26 % 36,25
  First 20 Companies       6.753.295.073 % 82,03        8.321.417.150 % 81,74 % 23,22
21 Chartis 98.142.714 % 1,19 127.726.447 % 1,25 % 30,14
22 Halk  83.670.241 % 1,02 126.846.947 % 1,25 % 51,60
23 Mapfre Genel Yasam 96.968.377 % 1,18 122.024.804 % 1,20 % 25,84
24 Halk Hayat ve Emeklilik 73.118.855 % 0,89 119.481.624 % 1,17 % 63,41
25 Yapı Kredi Emeklilik 60.931.248 % 0,74 98.667.156 % 0,97 % 61,93
26 AvivaSA 93.759.583 % 1,14 91.757.942 % 0,90 -% 2,13
27 Vakıf Emeklilik 50.000.368 % 0,61 86.190.875 % 0,85 % 72,38
28 Ankara 120.194.434 % 1,46 82.593.206 % 0,81 -% 31,28
29 Isık 65.942.971 % 0,80 80.624.927 % 0,79 % 22,26
30 Dubai Group  85.102.163 % 1,03 71.946.717 % 0,71 -% 15,46
31 Deniz Emeklilik ve Hayat 40.723.668 % 0,49 68.991.047 % 0,68 % 69,41
32 Generali 50.541.232 % 0,61 68.749.302 % 0,68 % 36,03
33 Finans  Emeklilik ve
Hayat
47.382.431 % 0,58 66.817.848 % 0,66 % 41,02
34 Euro 30.156.337 % 0,37 56.402.924 % 0,55 % 87,04
35 SBN 64.532.275 % 0,78 55.113.153 % 0,54 -% 14,60
36 Liberty 31.052.230 % 0,38 52.954.313 % 0,52 % 70,53
37 Metlife Alico 46.578.986 % 0,57 50.235.349 % 0,49 % 7,85
38 Cardif Hayat 23.167.301 % 0,28 47.456.703 % 0,47 % 104,84
39 Neova 32.818.976 % 0,40 47.382.880 % 0,47 % 44,38
40 Allianz Hayat ve Emeklilik 42.635.261 % 0,52 45.488.146 % 0,45 % 6,69
41 Axa Hayat ve Emeklilik 37.090.863 % 0,45 35.509.652 % 0,35 -% 4,26
42 Groupama Emeklilik 22.062.625 % 0,27 33.800.496 % 0,33 % 53,20
43 Demir Hayat 33.114.382 % 0,40 31.978.746 % 0,31 -% 3,43
44 Hur 31.052.106 % 0,38 29.329.665 % 0,29 -% 5,55
45 T.Nippon 11.465.890 % 0,14 25.595.184 % 0,25 % 123,23
46 Ing Emeklilik 10.115.359 % 0,12 23.611.733 % 0,23 % 133,42
47 Civ Hayat 13.742.866 % 0,17 17.620.991 % 0,17 % 28,22
48 Aegon Emeklilik ve Hayat 7.938.852 % 0,10 16.381.985 % 0,16 % 106,35
49 Coface 10.891.643 % 0,13 16.007.687 % 0,16 % 46,97
50 Ergo Emeklilik ve Hayat 16.005.487 % 0,19 14.797.969 % 0,15 -% 7,54
51 Ace Europe 15.184.936 % 0,18 12.097.655 % 0,12 -% 20,33
52 Demir 5.634.297 % 0,07 9.032.390 % 0,09 % 60,31
53 Euler Hermes 0 % 0,00 8.328.784 % 0,08 % 0,00
54 Fortis Emeklilik ve Hayat 12.370.425 % 0,15 6.660.605 % 0,07 -% 46,16
55 Cardif 8.940.988 % 0,11 5.266.803 % 0,05 -% 41,09
56 Atradius 3.223.772 % 0,04 5.080.888 % 0,05 % 57,61
57 New Life Yaşam 2.919.813 % 0,04 496.127 % 0,00 -% 83,01
58 Rumeli Hayat 122.582 % 0,00 83.354 % 0,00 -% 32,00
  Total Sector    8.232.591.611 % 100,00    10.180.550.172 % 100,00 % 23,66

The Presidential Bicycling Tour of Turkey (TUR) (Quest Writer: Aydin Güney)

The annual Presidential Bicycling Tour of Turkey (TUR) has become, especially in the last 3-4 years, a well known and much talked about event. The name perhaps suggests a touristic tour, but the TUR is far from that. It is a professional race replete with some of the best cycling teams and cycling professionals in the world. As such, I would like to touch upon some of the main the elements that have made it such a successful project.

This years’ 47th edition makes the TUR the oldest and largest annual international sports organization in Turkey. Running along a band between Istanbul and Alanya, the TUR consists of 8 day stages covering over 1300 kms. Bicycle races, as we see at the Tour de France, the Giro D’Italia, and Vuelta of Spain examples, are the only sports which can promote the nation’s history and natural wonders. Because of the distance covered, the variety of landscape passed, and a range of intermediate cities on the route, these races offer fantastic opportunities for promoting with good filming.

Using this as rationale, starting from 2008, the TUR was transformed from a mid-level amateur race to a top level professional competition. TV production and TV rights agreements were signed for live coverage. A total of 2 helicopters, 1 aircraft, 4 motorcycles and 12 ground cameras were used for the first ever live HD airing, making it the first ever stage bicycle race produced in HD.

After the success of the 2008 edition, an even larger participation ensued in 2009 with EUROSPORT INTERNATIONAL airing live coverage of the race 2 hours a day to 123 countries in 28 languages. After the notable successes of these first 2 years editions, and following the timely petition of the Turkish Cycling Federation, the International Cycling Federation accepted our request to include the TUR in the HC category , thus making it one of the 14 most prestigious bicycle races in the world. As a consequence the 2010 and 2011 editions attracted participation from some of the best professional teams and racers in the world bringing the TUR, after only 4 short years of life, a trademark of international repute. For a yearly organization requiring consistency and stability, to achieve that kind of success in a country like Turkey not known for those characteristics, is no small feat.

Supported with great sincerity at all levels of Turkish society and embraced with enthusiasm by the local population, I believe that the interest generated by this race and the sport in general is surpassed – in terms of spectators- only by football. In my opinion – an opinion I have insistently defended- the TUR also serves as the largest tourism campaign in Turkish history. If we examine that statement carefully, I hope that I will be proven correct.

If we consider that one of the most watched TV channels on the planet is showing 17 hours of Turkeys most beautiful and scenic areas in HD, and that the images are being aired live in all their majesty to 123 countries around the world, the monetary value alone of such publicity is incalculable. Eurosport channel airs directly into 250 million homes around the world. The 8 consecutive day coverage thus ensures that images of Turkey, even if for a few seconds, reach up to 1 billion people. Let’s not forget too that interest for bicycling competitions in Europe is very high. Add to that fact that 100 plus local and foreign press representatives follow the race and that the race details reach the greater public via internet, the extent of the publicity involved becomes clear.

Beyond the publicity angle, the TUR, according to data provided by the Cycling Federation, has contributed to unbelievable growth in all areas related to cycling. More bicycles have been sold, more people are riding bicycles, more athletes have become licensed to compete at all levels, more municipalities have been trying to build cycling paths, and for the first time in our history bicycle producers have become large scale sponsors for bicycling related activities.

The 48th annual TUR that will run between April 22-29, 2012 will be blessed with a proven international trademark, a great organization, consistent support from the government and state institutions, dedicated teams willing to sacrifice time and effort, unparalleled (for an amateur sport event) media coverage, and mass public interest. The only thing shortcoming, and this something shared by most other amateur sports, is the lack of a dependable institutional sponsor for the project!

Aydin Ayhan Güney

Cumhurbaşkanlığı Türkiye Bisiklet Turu Organizasyon Direktörü

www.tourofturkey.org

[email protected]

+905323150130

How can we comment on June 2011 (H1) results of Turkish Insurance Sector?

June 2011 results has been declared by Association of Turkish Insurance and Reinsurance Companies (TSRSB).

It shows some indications about the trend of Turkish Insurance Sector.

Total (Life and GI) GWP reached to 8.912.645.849 TL, showing 24.45% growth. When it is compared with existing inflation rate (btw 6%-8%) there is steadily reel growth.

-Even though 2010 H1, Life GWP/Total Market (Life&GI) GWP was 15.58%, in 2011 H1 that rate increased to 17.31%. Because of 39.54% growth of the Life Companies GWP.

-Market Leader’s market share of GI Companies increased from 12.09% to 12.75%.

-Market Leader’s market share of Life Companies increased from 28.29% to 36.26%.

Second 10 companies’ growth is higher than the first 10 companies’ growth in GI business, it may be monitored just opposite for Life Companies.

-When we look at the LoB distribution of GI business:

Two main lines of Turkish GI markets, Fire (property)&Marine lines share are shrinking; while Engineering line called General Losses share is increasing from 8.91% to 11.27%.

-That is interesting to see that within the same market, MTPL GWP growth realized 14.68%, while Motor Own Damage GWP growth realized 23.53%

For more info visit:

http://www.tsrsb.org.tr/haber/2011-haziran-ayi-istatistikleri-belli-oldu

There’s such a large universe waiting to be discovered?

Do you ever think at all? Given how small the planet called Earth seen from Space?

Did you ever think? How much can be important, our daily difficulties, challenges, happiness in the whole Universe?

Deviation of 1 degree around the rotation axis of the Earth generate heating and cooling can change how our daily lives?

I think from time to time.

Despite boom on technology in flowing history we think, there is such a big universe that is not known, seen.

When we look at history, there are many significant events that changes the flow.

The French Revolution, the Industrial Revolution, such as two World War.

It seems to me that we live again a Revolution; Social Media Revolution.

For some time, with the Globalization impact in all part of the world, eating and drinking, dressing, living habits had begun to resemble to each other.

Shortly after and perhaps continuation of and complement to Globalization, social media all over the world through the people in contact with other people began to become intense.

In example: How many people in your network from various nationalities through Your LinkedIn, Facebook, +1, Twitter and so on.

Under French Revolution, nationalist movements spread. Under Industrial Revolution, agriculture-industry and rural-urban migration had been happened.

Would it be the case that with existing Social Media Revolution World citizens may meet under other common denominators?

Are we possibly gathering under a new society, geographical structure, political structure?

What about then?

My desire and expectation;

SUCH a large universe that is not being known, seen, not discovered yet by the humanity.

CEO of Life

Actually, what capital providers expects from upper management is for them to make a decision. On paper while this seems rather simple to make a decision, especially the right one, is very difficult.

This is because every decision comes with a “price tag”. Altough these costs, when looked at company level, may seem unimportant, there are some decisions that could lead the company to bankruptcy and could lead to such high costs, that the company would have to terminate it’s activities.That said some decisions could be so beneficial as to spike company earnings.

A manager’s, a company CEO’s, success is measured by the number of accurate decisions and earnings versus the number of wrong decisions. It is for this reason that capital providers, who do not want to put themselves or their companys at risk, will prefer CEOs who have proven themselves in past decision making.This is what we call experience..

Capital providers are ready to pay quite high prices and share profit, especially, with the experienced managers or managers who make accurate decisions.

Close your eyes and imagine how many crossroads that we have come to untill today ?

We are where we are today based on all of our past decisions.The school we have gone to, friends we have chosen, our jobs, our spouses, neighbourhood where we live etc. Aren’t all of these an outcome of the decisions we have made ?

Don’t we try to protect our children from the wrong decisions, we made at the past.
For example, we tell them; be a doctor, never be a soldier, choose a certain spouse etc…

All of the above are based on what experience,do you think ?

Did we make the right decisions? What would have happened if we had taken the road not taken? Would we have been more successfull, happier, heathier, more prosperous ?

Why do we like to watch and listen to successfull,happy and healthy people? Do you ever think if I had made such a decision, I would have achieved these aswell.

What do you think? Do you think we should leave, our important life decisions, to the hands of a CEO. If we think of an experienced CEO, should we choose our CEOs from a poll of happy healthy and prosperous people.

Or, will we able to design softwares that would incorporate all of these experiences. A software which we could ask for an advice when we are at one of the life’s crossroads.What do you think? We could already name it “Decisionbook”.

Importance of Direct Communication with Employees

Success or failure of company’s management are affected by more than launching a new vision for the company but bringing that vision into the common vision of all employees.

When a new management team has been created, the investor or board look for a minimum of competence and business experience levels for the candidates.

The management team may carry out this established vision by setting up mission and strategies which embrace all stakeholders. Then they may start to work for realization of it.

The main topic is about ensuring all employees know and deeply understand that vision as it’s. Due to the differences in personal perceptions in the organization, until achievement to last employee in the organization the vision of the company will be under erosion of subjective assessments.

Each employee is the boss of their own business. If nobody informed these bosses about vision, company can be managed in anycase but it will not be reach desired targets.

My recommendation for that is gathering all employees together in the same location, preferably out of city at least once a year. The main part of this meeting would be the CEO meeting which is basicly the presentation of what is the company’s vision and strategic objectives, distirubed by what is to tell the company and its employees.

But I also recommend that, this meeting should be shaped not only pure business but also to seperated on time for entertainment. There is no other more efficient way to make people move towards a truly shared vision in a friendly environement.