istanbul group iimc 2011 the international insurance mediation conference 28 – 29 march, 2011...
TRANSCRIPT
Istanbul Group
IIMC 2011The International Insurance Mediation
Conference28 – 29 March, 2011
Re/Insurance Intermediation – Under Pressure ?
Menekşe Uçaroğluİstanbul Group
Istanbul Group
Content
1.Presentation of Istanbul Group
2.Turkish Intermediation SituationAgents, Brokers & Banks
3. Re/insurance intermediation – under pressure ?
Istanbul Group
Content
1.Presentation of Istanbul Group
2.Turkish Intermediation SituationAgents, Brokers & Banks
3. Re/insurance intermediation – under pressure ?
Istanbul ,2011
Istanbul Group
Istanbul Group
www.iucre.com www.repsconsulting.com www.benefitglobal.comIstanbul Group
o Special Risks UWo Technical Trainings o Events Organizationo International CII Trainingso Ofiice and Facility Support
o Management Consultingo Actuarial Consultingo Cost Containment Services for Insurance Industryo Marine&Aviation Loss Adjusting Serviceso International Recovery Serviceso Fire & Water Damage, Restoration Sevices
o Dental Health Plano General Health Plano Eye & Ear Plano Drug Plano Consumer Plano Psychological Consultancy Serviceo Dietician Consultancy Service
Istanbul Group
Istanbul Group
Istanbul Group
Content
1.Presentation of Istanbul Group
2.Turkish Intermediation SituationAgents, Brokers & Banks
3. Re/insurance intermediation – under pressure ?
Istanbul Group
LoBHead Office
(2010) 2009 2008Agents 2010 2009 2008
Bank 2010 2009 2008 Broker 2009 2008
Accident 3,06% 2,76% 2,10% 43,21% 49,26% 49,60% 49,20% 43,17% 43,83% 4,53% 4,81% 4,46%
Health 26,19% 26,43% 25,75% 44,79% 45,50% 44,28% 9,73% 6,73% 5,99% 19,29% 21,34% 23,98%
Casco 0,87% 1,01% 1,02% 85,76% 85,33% 85,00% 8,50% 8,66% 9,35% 4,87% 5,00% 4,63%
Railway vehicle 28,72% 70,07% #SAYI/0! 64,80% 29,93% #SAYI/0! 0,53% 0,00% #SAYI/0! 5,95% 0,00% #SAYI/0!
Airway Vehicles 41,56% 49,09% 54,33% 30,54% 34,75% 33,61% 15,05% 5,56% 1,64% 12,84% 10,60% 10,43%Waterway Vehicles 13,76% 19,88% 12,54% 53,58% 55,33% 59,10% 12,43% 8,70% 11,10% 20,23% 16,09% 17,25%
Mjarine 11,13% 10,68% 10,92% 62,38% 61,67% 63,84% 5,99% 6,48% 6,06% 20,49% 21,18% 19,18%
Property 9,38% 7,87% 7,13% 50,25% 54,57% 58,08% 25,79% 23,09% 20,64% 14,58% 14,47% 14,15%
Misc Accident 9,12% 12,47% 9,02% 56,25% 53,19% 60,97% 22,11% 17,03% 16,48% 12,52% 17,32% 13,53%
MTPL for Cars 1,44% 1,87% 1,81% 93,68% 93,41% 93,45% 1,81% 1,98% 2,11% 3,07% 2,74% 2,64%MTPL for Airplanes 43,72% 52,92% 11,04% 37,32% 33,85% 76,17% 4,32% 1,97% 3,04% 14,64% 11,26% 9,74%MTPL for Wareway vehicles 37,08% 54,33% #SAYI/0! 14,43% 41,02% #SAYI/0! 8,52% 1,03% #SAYI/0! 39,96% 3,62% #SAYI/0!
General Liability 8,01% 10,11% 13,20% 55,12% 49,27% 48,88% 10,61% 9,96% 12,67% 26,25% 30,65% 25,25%
Credit 44,17% 34,87% 45,52% 5,15% 7,20% 7,68% 5,01% 13,74% 14,32% 45,67% 44,20% 32,48%
Theft 12,51% 15,94% #SAYI/0! 7,18% 5,03% #SAYI/0! 55,35% 61,87% #SAYI/0! 24,96% 17,15% #SAYI/0!
Financial Losses 14,34% 11,86% 12,41% 23,93% 33,20% 40,41% 29,29% 5,33% 2,76% 32,44% 49,61% 44,43%
Legal Protection 0,76% 0,73% 1,47% 82,97% 81,54% 85,19% 13,06% 15,28% 10,77% 3,21% 2,45% 2,57%
Totsl Non-life 7,47% 7,71% 6,69% 69,08% 69,46% 71,56% 13,37% 12,05% 11,68% 10,08% 10,78% 10,07%
Total Life 100,00% 100,00% 100,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00%
General total 7,47% 7,71% 6,70% 69,08% 69,45% 71,55% 13,37% 12,05% 11,68% 10,08% 10,78% 10,07%
Nonlife Companies Written Premium Distribution by Channel
Channels of Tukish Insurance Market
Istanbul Group
From 2008 to 2010
Agents Brokers Banks
Accident
Health
Casco
Marine
General Liability
Credit
MTPL
Misc. Accident
Istanbul Group
1. Turkish Market is dominated by Agents 16.000 agents vs 84 brokers
2.Most of the agents are not tied and an agent can become agent of several insurance companies
3.Brokers mainly do corporate business and personal lines are left to agents and banks
4.Commissions decrease, life is more difficult for brokers
5.Brokers increase share in personal lines
6. Brokers have to have larger portfolio to survive
Istanbul Group
1. Most of the brokers are large agents who became brokers because of competition
2. Banks as intermediary
3.Quality of service : banks compared to agents & brokers
4. Training is an important issue and Treasury has established Insurance Training Center
Istanbul Group
Content
1.Presentation of Istanbul Group
2.Turkish Intermediation SituationAgents, Brokers & Banks
3. Re/insurance intermediation – under pressure ?
Istanbul Group
Re/insurance intermediation - under pressure?
1.Role of an intermediary as a consultant
2.Importance of risk management for Industrial clients
3.Claims management - Insurance Company vs Clients 4.Intermediaries‘ liability for the quality of the mediated insurance services vs the clients' need for low insurance premium
5. Scale Economy - Brokers & Agents have to have larger portfolio to survive
Istanbul Group
THANK YOU