Türk Reasürans reports strong growth and profits in first year of operations

Reinsurance company Türk Reasürans A.Ş which is headquartered in Istanbul, Turkey, recorded an underwriting bonus of TRY 723 million (approximately US $ 90 million) in the first nine months of the year, as the company reported strong progress during the first year of its operations. .

Türk Reasürans, a local reinsurance company established by the Turkish Ministry of Treasury and Finance, was launched in September of 2019.

With the aim of contributing to the goals of the country’s new economic program, the reinsurance company has also launched with the aim of increasing local reinsurance capacity and ensuring resource efficiency.

The reinsurance company has now completed its first year of operations, and according to the entity’s general manager, Silva Erin, it has reached an underwriting bonus of TRY 723 million in nine months, while the year-end goal is to exceed TRY 1 billion (approximately $ 125 million USD). ).

In addition, Erin points out, that the profit for the period as of September 30, 2020 amounted to 101 million TL (around 13 million USD), with a strong third-quarter rate of 80%.

Commenting on the company’s performance, Erin said: “We have reached our goal of becoming a reliable business partner despite the circumstances and the time period. We owe this to our team of professionals in the insurance market and to our responsive and flexible management approach that places great importance on shared wisdom. “

She added that the company has already participated in reinsurance agreements for 17 insurance companies, and that it intends to enhance its capacity in such agreements in the coming months and maintain its support for the market.

“As of January, we have started providing optional capacity to the industry. Moreover, we have implemented the technical operations of the Turkish Disaster Insurance Complex (TCIP). We will launch several projects to increase the contribution to this invaluable institution.”

As explained by Erin, one of the biggest catastrophic exposures threatening Turkey is earthquake risk.

TCIP operates as a last resort earthquake insurance across the country, providing compulsory government-backed earthquake insurance for landlords. In her speech, Erin emphasized the importance of managing, transporting and efficient modeling of earthquake risk in the country.

Recently, we carried out the technical operations of TCIP. Our top priority for the coming period is to strengthen reinsurance protection by evaluating modeling results. The “catastrophic modeling platform”, which is one of our most important projects, will be built in line with the most technologically advanced architectural principles, and will be a part of our lives as a solution that provides detailed simulation capability, “explained Erin.

In addition, together with the responsible public institutions, we will support the inventory project that covers all buildings across the country. Moreover, we have made investment decisions that will facilitate serious preparation in all areas, particularly in the technological infrastructure, so that we can manage any potential damage immediately. We also continue our efforts to raise public awareness quickly and effectively. ”

In a busy and successful inaugural year for the company, Türk Reasürans contributed to the reinsurance activities of several important bodies in the domestic market, including Tarsim – the agricultural insurance complex – and participated in the reinsurance arrangements.

Moreover, the reinsurer has also been appointed to manage the Extraordinary Risk Management Center (ERMC). Most importantly, and as Irene explained, the financial products sought by both the market and public institutions were introduced.

“This was the result of good cooperation between global and local reinsurers,” Erin said.

Expanding on this, she clarified that the company’s first step was to create a state-backed credit insurance reinsurance structure under the roof of ERMC.

“The state backed credit insurance was redesigned with the support of Türk Reasürans A.Ş and other reinsurers. Hence, it helped us introduce it to a larger audience.

“In Türk Reasürans A., we will continue to make a difference for our country and the market,” Eren said.

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