News Middle East04 Jan 2021

Turkey:Finance Minister says govt to act to boost insurance sector

| 04 Jan 2021

Turkish Finance Minister Lutfi Elvan has said that the government will take concrete steps to move the insurance and private pension industry forward.

"We are working on innovations that will make it attractive for our citizens to save through the private pension system. The Insurance and Private Pension Regulation and Supervision Agency has also started preparations for the development of participation (takaful) insurance."

He said that the sector, which fulfills the function of providing savings to the country's economy, continues to grow steadily every year, according to an Anadolu Agency report

He noted that a total of 63 companies operated in the sector, saying total assets have reached TRY284bn ($38bn), total premiums have reached TRY59bn and the total number of participants has reached 12.5m people. The sector employs over 100,000 people.

Separately, the CEO of the Turkey Wealth Fund (TWF) said that the insurance sector and Islamic financial products have great potential in Turkey, and both should be encouraged.

Mr Zafer Sonmez, speaking at a sectoral meeting, pointed out that the share of the banking system in Turkey’s financial sector is huge, adding that 95% of the sector consists of banking, and ‘this is not healthy".

He said that insurance companies need to have a stronger placing, such as in the stock market.



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