Participation Pension, which is one of the pioneers of the sector with its participation-based insurance products that touch every aspect of life in life, health and personal accident branches, shared the premium production figures for the first six months. Participation Pension reached a total premium production of approximately TL 700 million in June. Having achieved a four-fold increase in premium production compared to the same period of the previous year and a two-fold increase in premium production since the beginning of the year, Katılım Emeklilik doubled its market share in the participation segment. Ayhan Sincek, General Manager of Katılım Emeklilik, said, “The disasters that have increased due to climate change, the last major earthquake we have experienced and the increasing risks in all areas of life, especially in the economy, raise awareness about insurance even though its costs increase.”
Participation Pension General Manager Ayhan Sincek stated that they are taking firm steps towards their year-end growth targets and said, “As of June, we have increased our market share from 17.35 percent to 28.92 percent in the Life branch and from 60.48 percent in the Health branch in the last 12 months. We increased it to 69.07 percent, and from 12.21 percent to 21.06 percent in the Personal Accident branch. Our total market share in participation insurance, on the other hand, increased significantly from 3.53 percent to 6.37%. This year, we see that the cost increases in health services had a significant impact on the premium production figures in insurance. As Katılım Emeklilik, we have focused on increasing our service quality in this area by offering our participants privileged services at the most affordable prices. We are delighted that our efforts have received the favor of our participants.”
Production accelerated in health, life and personal accident branches
According to the data shared by Katılım Emeklilik, the total premium production in June was approximately 700 million TL. On the Participation Healthcare side, where health insurance products are gathered under one roof, premium production, which was 102 million TL in June last year, increased to 463 million TL this year. Premium production in the life insurance branch, which was 53 million TL in June last year, reached 165 million TL in the last 12 months. In the Personal Accident Insurance branch, premium production reached 71 million TL from 20 million TL in the 12-month period. The real rate of change in the aforementioned branches was 227 percent on the Health side, 127 percent on the Life insurance side, and 153 percent on the Personal Accident branch.
“Rising savings awareness will also increase insurance awareness”
Ayhan Sincek, General Manager of Katılım Emeklilik, emphasizing that people's awareness of savings is increasing rapidly in Turkey, underlined that we are still in the development phase in the field of insurance. Sincek said, “A recent study revealed that the rate of savings ownership in our country increased to 19 percent in the first quarter of 2023. We see that most of these savings are gold investments under the pillow or in the system, followed by Private Pension savings. Among the reasons for our citizens to save, the factor of "investing in the future" ranks first with a rate of 54 percent. In this sense, I think that we, as sector stakeholders, should better explain that insurance is an investment for the future of a person, family or business. We can say that there has been an increase in interest as a result of natural disasters in recent years, but we are still far from being sufficient. Insurance is a critical method of providing financial resources for the recovery of the damage against the possible risks. In case of realization of risks, financial losses can be eliminated or reduced according to policy principles. Therefore, insurance policies provide assurance for assets and are an important instrument to prevent loss of both investments and savings. We expect the rising awareness of savings in our country to increase insurance awareness in the coming period.”
