TurkinsuranceTurkish Insurance-Reinsurance-Pensions

Volume Seventyeight March 2020 Digitally distributed only

Sponsored by Insurance Association of Turkey

contents2 info

4 interview -TARSİMmonitorsthedigitaldevelopmentsinthemarket-SerpilGünal-

6 cover story -2020bringsbothrisksandopportunitiesforglobalinsurancebusiness-

14 insurance outlook -Totalpremiumproductionreaches11billion618millionUSDattheendof2019-

22 pension outlook -Pensionfundsshowhighreturnperformancein2019-

26 country profile -Bulgaria-

30 cultural outlook

32 events

36 book

CopyrightofBESTDergisiownedbyBESTYayıncılıkReklamProdüksiyonDanışmanlıkTic.Ltd.Şti.Allrightsreservedforpublishedillustrations,articles,photographsandtopics.Unauthorizeduseofmaterialwithoutreferanceisprohibited.

BESTYayınclıkReklamProdüksiyonDanışmanlıkTic.Ltd.Şti.

Executive Editor CemYılmazer

Managing DirectorMineYücel

EditorRabiaKübraKanun

Management AddressNuhoğluYenitepe,DumlupınarMah.YumurtacıAbdiBeyCad.BBlokKat:4Daire:10Kadıköy/İSTANBUL

Tel:2165195239www.bestyayincilik.com

e-mailinfo@bestyayincilik.com

TurkinsuranceisadigitalmagazineforTurkishinsurancemarket.Digitally

distributedonly.

For theApril issue of Turkinsurance,we have prepared anissue full ofnews,articles, analysesand researches to shedlightonTurkishinsuranceandpensionmarkets.

Twoglobalcompanies,Ernst&YoungandAllianz,publishedtwo reports focusing on the insurance market on a globalscaleandrevealingtrendsfor2020.Accordingtothesetworeports,2020willbringbothopportunitiesandrisksfortheinsurancemarket.

FundsizeofparticipantsinIndividualPensionSystem(BES)exceeded 16 billion 467 million USD at the end of 2019.Stockfundswerethemostprofitablefundgroupforinvestorswithareturnof37.60percent,whilepreciousmetalsfunds

hadthehighestfundoccupancyrate.

Attheendof2019,premiumsproducedbyTurkishinsurancemarketreached11billion318millionUSD;upby12.63%comparedtothesameperiodofpreviousyear.Liabilityinsur-ancelinegotthemajorityshareinpremiumproduction,whilelifeinsurancehadthehighestgrowthrate.

Thismonth,ourCountryProfilesectioncoversBulgaria.Youcanhaveageneral ideaBulgaria’sgeneraleconomiccondi-tionitsprogressandinsuranceratesbyreadingthisreport.Hopetomeetwiththenextissue

Yoursincerely

Dear Readers,

2 info

CenkTabakoğlu,who has been a seniormanager in the fi-nancesectorforyears,wasappointedastheCEOofLumnion,a companyproducing technological solutionsbasedonana-lyticalconsultancyandartificialintelligence,asof10Febru-

ary2020.Tabakoğluwillberesponsiblefromdevelopingthecompanytowardsbecomingaglobalplayerinriskmodellingsoftwareandconsultancy.

CenkTabakoğluhasadegree inBusinessandManagementfromtheUniversityofMaryland,afterwhichhereceivedanMBA degree in Finance from Bentley Graduate School ofBusiness.HestartedhiscareeratCitibank’sTreasuryDepart-ment, Balance Sheet RiskManagement Unit in 1999; andheldseveralotherpositions in thebankafter that.Between2007and2009,heworkedastheHeadofWesternEuropeanRetailBankingandAssetManagementatCitibank.Tabakoğ-lujoinedINGBankin2009,andheldthepositionofAssistantGeneralManager ofRetailBankingMarketingandPrivateBankinguntilJune2013.HewasmostrecentlytheCEOofUnicoSigorta, andhas vast experience in especiallydigitalinsurance,strategicchannelmanagement,retailbankingandfinancialtechnologies.

Tabakoğlu becomes the CEO of Lumnion

According toGlobalArtificial Intelligence inFinancialSer-vicesSurveybyEY(Ernst&Young,artificialintelligencewillbeanessentialbusinessdriverforfinancialserviceswithintwoyears.64%ofseniorexecutivessurveyedinthefinancialser-vices industry expect to useAI for new revenue generation,process automation, riskmanagement, customer service andclientacquisitionswithintwoyears.

EY, the international consultancy and audit company, an-nouncedfindingsfromGlobalAIinFinancialServicesSurvey,a new global survey assessing the current state of artificialintelligence(AI)adoptionbyfinancialservicesorganizations.According to the surveywhichwasconductedby theattend-ance of 151 market leaders from 33 countries, Led by theCambridgeCentreforAlternativeFinance(CCAF)attheUni-versity of Cambridge Judge Business School and theWorldEconomicForum,and co-sponsoredbyEYand Invesco; thesurveyrevealsstrikingfindingsaboutthefutureexpectationsoffinancialservicescompanies.77percentoftheparticipantsanticipatethatAIwillpossesshighorveryhighoverallimpor-tancetotheirbusinessesin2020and2021.

New use cases for artificial intelligence continues to emerge

Thestudyalsorevealedthat85%ofrespondentshavealreadyimplementedAIwithintheirorganizationsandexpecttouseAIfornewusecasesinthecomingyears.Additionally,nearlytwo-thirds (64%)expect to useAI for new revenuegenera-tion,processautomation,riskmanagement,customerserviceandclientacquisitionswithintwoyears.

Increased adoption of AItechnologies across the fi-nancial services industryalso comes with challeng-es, as data quality, accessto data and competitionfor talent are all seen asmajor obstacles to imple-menting artificial intelli-gence by more than 80%ofseniorexecutives.Whenit comes to respondentswhopredominantlyuseau-tonomousAI, theattitudesshift,with80%ofrespond-ents perceiving trust anduser adoption to be themostsignificanthurdle.

Falling behind in AI may cause the loss of competitive-ness

“Artificialintelligenceisreshapingthefinancialservicessec-tor,andweestimate that itswide-scaleadaptationwillcon-tinuethroughoutthesector.Asadvancedtechnologiespioneernew business models and transform the business functions,organizationsneed to focuson the long-term impactsofad-aptationtoartificialintelligence.FinancialservicesprovidersthatfallbehindtheadaptationtoAImaylosetheircompeti-tiveness,”saidOnurDoğan,CountryManagingPartneratEYTurkey&Central,EasternandSoutheasternEuropeDigital&TechnologyLeader.

Financial services sector will grow with artificial intelligence

AXASigortahas recentlycooperatedwithPetsurfer,Turkey’snew-generationpetplatformwhichgatherspetownersandtrust-worthy caretakers through a marketplace model. Within thescopeofthecooperation,PetsurferserviceswillbeofferedwiththeinsuranceguaranteebyAXA.

AXASigortahasrecentlysignedacooperationagreementwithPetsurfer,Turkey’snew-generationpetplatformwhichgatherspetownersandtrustworthycaretakers.Asaplatformwherepeo-plewhoarelookingforshort-termsittersfortheirpetsandtrust-worthypetsitterscanmeet,Petsurferhas5basicservices.Thoseservices include,hostingservices inthehouseofthepetsitter,sittingservicesinthesurfer’shouse,dogkindergarten,dogwalk-ingandhousevisit.Withinthescopeoftheircooperation,AXASigortaprovidesinsuranceforanyliabilitythatmightbefallonPetsurferincaseoflossesto3rdpartiesduringthepet-sittingservices;whileAXASigorta customers, agents and employeescanbenefitfromdiscountpricesonPetsurfer.

HeadofSalesandMarketingandExecutiveCommitteeMemberatAXASigorta,said:

“Makingadifferenceineverythingwedoandeverystepwetakeforinsuranceisofutmostimportantforus.AsAXA,wemakeapointoffocusingoninnovationinordertoaddresstheirneedsandtobeatrustworthypartnerineveryareaoftheirlives,whilesupportingendeavors thatmakeadifference in this sense,not

onlyinsidebutalsooutsideourcompany.GigEconomyhasbeentakingabiggerplaceintheagendaofthebusinessworldwitheachpassingday.ThesizeofGigEconomyhasreached130mil-lionpeoplein2018.ThepopulationintheInternationalandNewMarketsRegionwhichalsoincludesAXASigortaisaround20to30million.By2033,itestimatedthatthelaborforceintheGigEconomywillsurpassthenumberoftraditionalemployees.AsAXA,wecareaboutinitiativesintheGigEconomyhavingabetterbusinesslife.Wearelookingintohowwecansupporttheentrepreneursovercometheobstaclestheyfaceanddevelopprod-uctsandsolutionstoaddressthem.OuragreementwithPetsurferisabeautifulandinnovativecooperationwhich,inthissense,canbeconsideredtoaddvaluetothelivesofourcustomers.”

Allianz received the awardfor “The Best Tech-UsingCompany” within the scopeof Webrazzi Awards. AllianzTurkey outran their competi-tion by receiving 6,163 votesin the internet-based publicvoting.Statingthattheywerehappytobegettingthereturnsof their investments in tech-nology, Tolga Gürkan, CEOof Allianz Turkey, said: “AsAllianz Turkey, we continuemaking investmentsdrivenbythestrengthofourgroup.We

willkeep investingespecially indigital transformationandim-provingtheskillsofouremployees.Asthemostagile,simplest,mosteffectiveinsurancecompanythatisbestinusingtechnologyand reading the customer expectations,we intend to reinforceourpositionevenfurtherinthefuture.”

“Wehavebuiltthe‘AllianzoftheFuture’ondigitalization”Statingthattheybuiltthe‘AllianzoftheFuture’ondigitaliza-tion,asacompanythatpioneersnew-generationinsurance;Tol-gaGürkanaddedasfollows:

“Weput our customer-oriented approach in the center of ouractivities.Ourdigitalizationapproachisalsocustomer-oriented.Weaimtogivethemanend-to-enddigitalcustomerexperience.Wetransfer98percentofourincomingdocumentsintodigitalenvironment.We issueall ournewproducts in digital format.Ourmobileapp‘Allianz’ım’reached1.2milliondownloadsasofJanuary2020.Withtheaimofsimplifyingthelivesofourcus-tomerstothemaximumpossibleextent,wehavedevelopedourmobileappevenfurtherbyaddingmanynewfeatures.Thankstoourdigitalpaymentplatform,ourcustomersarenowabletomaketheirdeferredandfuturepolicypaymentsveryrapidlyandeasily by using ourmobile app and customer portal.Wekeepworkingtocreateaknow-howonthenewtechnologiesandcus-tomerbehaviorswithinthedigitalworld.Wearehappytohavebeenchosen“TheBestTech-Company”withinthescopeofWe-brazziAwards.”

The winners are decided through public voting

Candidates of theWebrazziAwards,whichwas organized forthe11thtimethisyeartoselectthenames,brandsandproductsthatlefttheirmarksontheinternetecosystem,competedin37categories;andthewinnersweredeterminedaccordingtoapub-licvotingheldbetween23December2019and5January2020.

Important cooperation by AXA Sigorta and Petsurfer

Allianz Turkey receives the award for “The Best Tech-Using Company”

3

4 interview

SerpilGünal,GeneralManagerofTARSİM:“Ourprimarytargetistoexpandtheuseofoursystemamongfarmersandbreeders,thereforerealizingitspotential”

TARSİM monitors the digital developments in the market

Ms. Günal, first of all, we would like to congratulate you and wish you all the best for your new position. Could you tell us about yourself and your career? IwasborninAnkarain1974.AftergraduatingfromTEDAnka-raCollege,Icompletedmyuniversityeducationin1998,havingstudiedMathematicsatMiddleEastTechnicalUniversity.Inthesameyear,IgraduatedfromZiraatBank’sBankingSchool.Ire-ceivedmyMBAdegreefromAtılımUniversityin2006.Istartedmycareerin1999atZiraatBank,CommercialLoansDepart-ment.Between2001and2012, Iwasappointed to theRetailMarketing Department. Between April 2012 and May 2013,I served as ProductManager of Insurance and Other AgencyProducts at Bancassurance Unit of Retail Marketing Depart-ment.BetweenMay2013andJanuary2017,IwasappointedasBancassuranceManagerundertheExecutiveVicePresidencyof

Distribution.IwasassignedastheAssistantGeneralManagerofOperationsinJanuary2017,andAssistantGeneralManagerofTechnics&MarketingbetweenAugust2018andJanuary2020.IhavebeenappointedastheGeneralManagerofAgriculturalInsurancePoolManagementCompany, and at the same time,BoardMemberofTARSİM(AgriculturalInsurancePool)asof13January2020.

As the General Manager of Agricultural Insurance Pool Man-agement Company, what steps will you take for a stronger TARSİM in 2020?

Ourprimarytargetistoexpandtheuseofoursystemamongfarm-ersandbreeders,thereforerealizingitspotential.Weaimtoin-creasethepenetrationofCropInsurance,whichcurrentlystandsat20%as the driving branch of ourSystem, andmaking sure

5

RabiaKübraKanun/kubrac@bestyayincilik.com

thatourstakeholdersareswiftlyandcompletelyinformedaboutthecurrentupdatesandnewsregardingagriculturalinsurance.Ontheotherhand,wewillcontinueoureffortstowardsenhancingthesatisfactionlevelwhichisofvitalimportanceforthesustainabilityofoursystem.Currently,wearecarryingoutintensivepromotion-alandtrainingactivities.Weintendtotransformthemintonewformatsthatwillfitbetterwiththecharacteristicsofdifferentre-gions,whichwillhelpustakeabroaderstandinthefieldinordertodetermineandimplementnewstrategies.Paceandimpactofdigitaltechnologyinourlivesincreaseonadailybasis.TARSİMcannotstayoutofit.Wewillkeepmonitoringinnovativebusinessmodels and practices, making investments to integrate them intheTARSİMSystemwiththeaimofsimplifyingthelivesofourfarmers, breeders and stakeholders, accelerating their transac-tions;andthereforeensuringthattheyhavepositiveexperiencesconcerningagriculturalinsurance.

What kind of new coverage types can we expect from agri-cultural insurance in the future? Increasingly frequent cata-strophic losses is a significant reality. What is the importance of agricultural insurance against this threat?

Allouractivitiesfocusonthevisionofbeinganexemplaryinsti-tutionthat istrustedbyourfarmersandcanprovidethewidestinsurancecoveragepossibleforeverycultivableproductineverycultivableregionofourcountry.Inthisrespect,withinthescopeofStateSupportedAgriculturalInsurance,wetrytoprovidecov-eragefor insurablerisks thatmight interruptagriculturalactiv-itiesandcause financial suffering forour farmers, byassessingthemaccordingtothesustainabilityofoursystem. Everyyear,wereceiverecommendationsofourstakeholdersre-gardinginsurancepractices,andevaluatethemthroughdetailedexaminationsandinaccordancewiththeinsuranceprinciplesandsustainabilityof the system.Plus; theScienceandConsultationCommittee, which consists of representatives from TARSİM,Ministry ofAgriculture andForestry, andMinistry of TreasuryofFinance,proposesprojectsthatwillshedlightontheimprove-mentofoursystem.TheseprojectsarecarriedoutbythetechnicalteamsofTARSİMandstakeholderinstitutions.Ultimateresultsoftheseintenseeffortsarethenevaluated,andtranslatedintonewarrangementsandinnovationsforthebenefitofourfarmersandbreederssuchastariffprices,discounts,exceptionsandjointin-surance rates inGeneralConditionsandTariffRegulations, ex-pansionof existing coverage structure, new insuranceprogramsetc.Whenweseeandevaluatecatastrophicandlocalrisks,insur-anceisamustforagriculturalsector,whichmakesitsproductionintheformofanopen-airfactory.Wecurrentlycoveramajorityofthemeteorologicalandcatastrophicrisks;however,oureffortstoincludenearlyallofthemareinprogress.

How do you evaluate penetration rates for crop and livestock insurance lines?

Despitebeinga13-year-oldsystem,TARSİMhasapenetrationrate of 20% in Crop Insurance, in terms of registered cultiva-tionareas.Itisaround8%inCattleInsurance.CurrentpictureindicatesthatfarmerstendtobuyCropInsurancemore.Weseethatpenetrationratedecreasesaswemovefromthewesttotheeastofourcountry.Insuranceawarenessisstrongerinthewesternregions, particularly in theThrace (Trakya)Region. Last year,

highest number of agricultural policieswere issued inTekirdağcomparedtoothercities,and“wheat”sawthehighestnumberofpoliciescomparedtootheragriculturalproducts. Could you inform us about the incentives and steps you are taking towards increasing the insurance awareness of citizens and penetration rates? Are you offering any special support for female and young farmers? Do you have any plans in this area? Thesystemissupportedby theState.At least50%of thepre-miumstobepaidbypolicyholdersarepaidbytheState.Itgoesashighas67%forcertainproductsandcertainbranches.Atthesame time,weareapplyingdiscountsof up to50%for femaleandyoungfarmers,inadditiontono-lossdiscounts,cashpaymentdiscount,andspecialdiscountsforprecautionstopreventandmit-igaterisks. OurfarmersandbreedersneedtoberegisteredinthesystemsoftheMinistryofAgricultureandForestrytobenefitfromtheag-ricultural insurance system.Therefore,notbeing registered isafactorpreventingpeoplefrombuyingagriculturalinsurance.How-ever,Iwanttoemphasizethatweprovideseveralconveniencestosimplifytheconditionsofregistration.

Asof2020,anumberofincentivestepsweretakenforpremiumandclaimspaymentstoensurethattheexpansionofoursystemandhighernumberoffarmersandbreedersbenefitfromstate-sup-portedagriculturalinsurance.Weofferseveraldiscountsandpay-mentadvantages for farmersandbreederswhowish tobuyag-ricultural insurancepolicies.Inadditiontothe5%discountforfemaleandyoung farmers(which isappliedseparately foreachcase),weofferotherdiscountsincludinga“no-loss”discountof5%to25%,a“cashpayment”discountof5%,andadiscountof25%to50%for“LossPreventionandReduction”measuresdependingontypeofrisk.

As Imentioned earlier, expanding the use of our system is ourprimary target. Therefore, we travel from village to village tomeetwiththefarmersandbreeders.Wevisitourstakeholderstofindoutabouttheirrequirementsaboutandexpectationsfromthesystem.Weremindthemofthecatastrophesthathaveoccurred,and try to underline the importanceof takingmeasures againsttheclimatechangeandaccompanyingnaturalcatastrophes.Wearetryingtoincreasetherecognitionofagriculturalinsurancebyattendingmarket-specific organizations.Moreover,we are con-stantlybroadcastinginformationalcontentsandwarningsviaourcorporate accounts.We have been attending shows in local TVchannelstoencouragepeopleinbuyingagriculturalinsurance. Our distribution channels, which are in direct contact with thefarmersandbreeders,areofutmostimportancefortheSystem.Wehold regularmeetingswith the representatives from the23insurancecompaniesthataremembersofourSystematourHeadOfficeinIstanbul.Together,wesharetheevaluationsofpreviousyears,anddiscusswhatcanbedoneforthecomingyears.Weor-ganizetrainingsfordistributionchannels,andorganizefrequentvisitsthroughourRegionalOffices.WearepreparingavarietyofmaterialsandensurethattheyaredistributedtoourfarmersandproducersviaourRegionalOfficeswiththeaimofinformingthemandraisingawarenessaboutagriculturalinsurance.

6 cover story

2020 brings both risks and opportunities for global insurance business

7

Two global companies, Ernst & Young andAllianz, published two reports focusingon theinsurancemarketonaglobalscaleandrevealingtrendsfor2020.Accordingtothesetworeports,2020willbringbothopportunitiesandrisksfortheinsurancemarket.

39%

37%

27%

21%

21%

20%

17%

15%

13%

11%

Cyber incidents

Business interruption

Changes in legislation and regulation

Natural catastrophes

Market developments

Fire, explosion

Climate change

Loss of reputation or brand value

New technologies

Macroeconomic developments

TOP 10 THREATS – GLOBAL

Ernst&Young, audit and consultancy company, prepareda reportthatfocusesonthetrendsdominatingtheinsurancemarket.“2020Global Insurance Outlook” report includes the opinions of marketleadersfromthreeregions:Asia-Pacific,AmericasandEurope.Thereport states that due to the low interest rates in 2019, insurancebusinesses in global markets are going through a stagnant growthtrend;underliningthatexpectationstowardsdigitalexperiencewhichareincreasingduetoshiftingdemographicsofconsumersonaglobalscalebringbothopportunitiesandrisksforinsurancecompanies.

Companies that can win the war for talent and investments in technology will gain com-petitive edge

Revealingtheprioritiesforlifeandnon-lifeinsuranceisthe“secretsauce”formaximizingreturnsonalltypesoflarge-scaleinvestments—fromnewtechnologydeploymentsanddigital transformation,to

8 cover story

newbusinessmodeldevelopmentandorganizationalrestructur-ings.Thechallengesfacedbythe insurancemarket inattract-ingtherighttalenthasalwaysbeenadiscussiontopicforlongyears. In this sense, the report highlights that it is importantforinsurancecompaniestore-positionthemselvesastechnolo-gyplayers.Accordingtothereport,insurersmustcommunicatemoreeffectivelyaboutwhytheindustrymatters,itssocietalval-ueandwhyit’sanappealingsectorinwhichtodevelopacareer.

DamlaHarman,FinancialServicesIndustryLeaderatEYTur-key, states that insurancemarket hasmany influences on ourlivesfromnaturalcatastrophestocyber-securityrisksortoget-tingbetterresultsfromhealthcareservices.“Consideringthatnewrisksareemerging,besidesmanagingthoserisks,insurancecompaniesmust focusonpreventing themaswell. Inadditionto attracting and retaining the right talent, ensuring that theexistingtalentacquiresnewskillsisofvitalimportancefortheinsurancemarketinitstransformationjourney,”shesays;andaddsthatinsurancemarketmustbecomemorecustomer-orient-edandimprovecustomerexperienceinanincreasinglydigital-izedworld.

Digitalization to be one of the top priori-ties for 2020

2020Global InsuranceOutlookReport underlines that demo-graphicshiftsaroundtheworldpresentinsurerswithbothrisks

andopportunities.Insurancecompaniesthatcanpreservetheiroperationalexcellencewhiletakingboldstepsininnovation,im-proving their talent pool and enrich customer experience willhaveahighgrowthperformance, the report says. Top trendsforinsurancecompaniesoperatingintheAmericasarelistedaswinningthewarfortalent,andachievingoperationalexcellenceand cost efficiency. Digitalizing distribution, developing com-pletion strategieswith newmarket players such as Insurtechsand“BigTech”companies,whilecollaboratingwiththematthesametime,areamongthetopprioritiesfornon-life insurancecompaniesintheregion.

According to the report, even as the industry’s fundamentalslook sound for theAsia-Pacific region, a range of challenges— such as intensifying regulations, economic uncertainty andlocalissuesinindividualcountries—haveemergedtocloudtheoutlookforthenextfewyears.Significantstepsfortheinsur-ancecompaniesoperatingintheAsia-Pacificregionincludeem-bracingnewtechnologies,achievingcostefficiencyanddigitiz-ingthesalesforce.Europeaninsurancecompanies,ontheotherhand,shouldfocusonreskillingtheirexistingworkforces,digi-tal transformation,andcompliancetoInternationalReportingStandardIFRS17announcedbytheInternationalAccountingStandardsBoard.ThereportsuggeststhatEuropeaninsurancecompanieswillprioritizemanagingcompliance toregulations,digitalizingsalesanddistribution,andachievingcostefficiencythroughout2020.

59%

41%

35%

35%

29%

24%

12%

12%

12%

6%

Macroeconomic developments

Natural catastrophes

Fire, explosion

Poli tical risks and violence

Changes in legislation and regulation

Business interruption

Climate change/increasing volatility of weather

Cyber incidents

Market developments

New technologies

TOP 10 THREATS – TURKEY

9

“Cyber Incidents” rank as top peril in Allianz Risk Barometer 2020

Asanannualsurveythatfocusesontoprisksfortheinsurancemarket,9thAllianzRiskBarometerrevealsthetrendsfor2020andguidesinsurancecompaniesintherightdirection.PreparedbyAllianzGlobal Corporate&Specialty (AGCS) as an annu-albusinessriskssurvey,attractedrecordparticipationof2,718experts includingCEOs, riskmanagers, brokers and insuranceexpertsfromover100countries.

Accordingtothesurvey,“cyberincidents”ranksasthemostim-portantbusinessriskglobally,despiteranking15thwithjust6%oftheresponsesoftheparticipantssevenyearsago.

Awarenessofthecyberthreathasgrownrapidlyinrecentyears,drivenbycompaniesincreasingrelianceondataandITsystemsandanumberof high-profile incidents.Accordingly, perennialtopperil“businessinterruption”(BI)decreasedtosecondplace.“Changes in legislationandregulation”and“climatechange”are the biggest climbers globally, underlining the US-Chinatradewar,Brexitandglobalwarmingasincreasingconcernsforcompaniesandnations.

JoachimMüller,CEOofAGCS,highlights that cyber riskandclimate change are two significant challenges that companiesneedtowatchcloselyinthenewdecade.Headdsthatpreparingandplanningforcyberandclimatechangerisksisbothamatterof competitive advantage and business resilience in the era of

digitalizationandglobalwarming.

Cyberincidentsisamongthetopthreerisksinmanyofthecoun-triessurveyed;inAustria,Belgium,France,India,SouthAfrica,SouthKorea,Spain,Sweden,Switzerland,theUKandtheUSitranksasthetopbusinessrisk.

CompaniescansuffermajorBIlossesduetotheunavailabilityofcriticaldata,systemsortechnology,eitherthroughatechnicalglitchorcyber-attack.Manyincidentsaretheresultsofhumanerrorandcanbemitigatedby staffawareness trainingswhicharenotyetaroutinepracticeacrosscompanies.

Risk rankings change in 2020

Aftersevenyearsatthetop,“businessinterruption”dropstothesecondpositionintheAllianzRiskBarometer.Withapotentialtocausehugelossesforcompanies,today’sbusinessinterruptioncanbearesultoffire,explosionornaturalcatastrophestodigi-talsupplychainsorevenpoliticalviolence.

“Changes in legislation and regulation” ranks third in theAl-lianz Risk Barometer 2020, up from fourth in 2019. Around1,300newtradebarrierswereimplementedin2019alone.TheUS-ChinatradedisputehasbroughttheUSaveragetariffclosetolevelslastseeninthe1970s.“Climatechange”rosetothepo-sitionofseventh.Accordingtothereport,companiesmayhavetoprepareformorelitigationaboutclimatechangeinfuture.

2020 priorities for life and non-life insurance companiesRe-positioninginsurancecompaniesastechnologyplayers

Communicatingmoreeffectivelyaboutwhytheindustrymatters,itssocietalvalueandwhyit’sanappealingsectorinwhichtodevelopacareer

Operationalexcellenceandcostefficiency

Managingcompliancetoregulations

Digitalizingdistribution

Masteringemergingtechnologies

Navigatingtherisksandopportunitiesofclimatechange

Reference:EY-GlobalInsuranceOutlook2020

10 at a glance

SerpilGünalwasappointedastheGeneralManagerofAgricul-turalInsurancePoolManagementCompanyasof13January2020.According to an announcement by the company,Günalwill also serve as aBoardMember atAgricultural InsurancePoolManagementCompanyandatAgriculturalInsurancePool(TARSİM).

Who is Serpil Günal?

SerpilGünalwasborn inAnkara in1974.SheattendedTEDAnkaraCollege,afterwhichshestudiedMathematicsatMiddleEastTechnicalUniversity,FacultyofScience,andgraduatedin1998.ShealsofinishedtheBankingSchoolsofZiraatBankasıinthesameyear.In2006,shegotanMBAdegreefromAtılımUniversity.Shebeganhercareerin1999atZiraatBankası,De-partmentofCommercialLoans.SheworkedasPrivateBank-

ingAssistantManagerbetween2001and2012.BetweenApril2012andMay2013,sheworkedas Product Manager of Insur-ance and Other Agency Prod-ucts at Bancassurance Unit ofRetail Marketing Department.Between May 2013 and Janu-ary2017,shewasappointedastheBancassuranceManager atthe Distribution Department ofZiraat Bankası. As of January2017,shewaspromotedtoAssistantGeneralManagerofOp-erationalProcesses.ShewasthenassignedtoAssistantGeneralManagerofTechnics&MarketingbetweenAugust2018andJanuary2020.Sheismarriedwithonechild.

HDISigortaaddedanewonetoitssponsorshipagreements.ThenameofBeşiktaşWheelchairBasketballTeam,whichcurrent-lycompetesinTurkishSuperLeagueandEuropeanChampionsLeague,willbementionedalongsideHDISigortafromnowon.Beşiktaş signed a sponsorship agreement with HDI Sigorta,whichsupportsTurkishsportsandathletesthroughsponsorshipsforteamscompetingindifferentbranchesandleagues.

Accordingtotheagreement,‘HDISigorta’willbeaddedtothenameoftheBeşiktaşWheelchairBasketballTeamduring2020-21season.TheathleteswillbecarryingthelogoofHDISigortaontheirchests.

Ahmet Nur Çebi: ‘We will be a club that raises athletes in every branch, and carries Turkish sports further’

“Weareworking fora futurewhereTurkish sportsaredevel-opedineverybranch,caresforinfrastructure,withathletesthatachieve intheOlympicsandinternationalcompetitions.Duringourclub’sglorioushistoryof117years,wehavelookedaftertheathletescompetingindifferentbranchesofsports;andourath-leteswhocompetebothinsideandoutsideourcountryhavemadeusproudwithsignificantachievements,supportedbythebrands.Our partnership with HDI Sigorta is important in that sense.TheirsupportforourteamthathasgainedachievementsnotonlyinTurkishWheelchairBasketballSuperLeaguebutalsoinEu-ropeisveryvaluableforus.Ourteamcompletedthepre-qualifi-ersofEuropeanChampionsLeagueinthesecondplace,gainingthe right to enter thequarter-finalgroupmatches thatwill beheldinMadrid,Spainbetween12and15March.Iftheymanagetocompletethequarterfinalsgroupinthefirsttwo,theywillriseto theEuropeanChampionshipLeague finals.AsBeşiktaşJK,wewillbeaclubthatraisesathletesineverybranch,andcarries

Turkishsportsfurther.Thismissionisasignificantresponsibilitylaiduponusbyourhistoryandvalues. Iwish thispartnershipwithHDISigortatocontinueforlongyears,”saidAhmetNurÇebi,ChairmanofBeşiktaşJK,inastatementhegaveaboutthesponsorshipagreement.

Ceyhan Hancıoğlu: ‘We try to support Turkish sports and ath-letes in every opportunity’

“WeareproudtobesupportingTurkishsportsandathletesallthetime,andwalkingonthispathtogether.Today,weareexcit-edtobestartinganewagreement,cooperationandfriendship.Wetrytotouchasmanysportsclubaspossible,whilesupport-ingTurkishsportsandathletesineveryopportunity.Ihopethatthispartnershipwillbenefitbothparties.IwishallthesuccessforBeşiktaşHDISigortaWheelchairBasketballTeam in thismeaningfuljourney,”saidCeyhanHancıoğlu,GeneralManagerofHDISigorta.

HDI Sigorta becomes the main sponsor of Beşiktaş Wheelchair Basketball Team

Serpil Günal is the new General Manager of Agricultural Insurance Pool Management Company

11

Asof1February2020,MariusPopescu,CEOofNNHayatveEmeklilik, isappointedasHeadofPerformanceandAnalyticswithinNNGroup.Untilanewleaderisdeterminedforthecom-pany,DidemOzsoyDirican,currentlyChiefCommercialOfficerofNNHayatveEmeklilik,willbeappointedCEONNHayatveEmeklilikonanad interimbasisandsubjecttoregulatoryap-proval.

MariusPopescu joinedNNGroup family in2005, sincewhenheheldnumerousseniorrolesincludingCEOofNNInvestmentPartnersRomania,CEOofNNPensionsandCEOofNNRoma-nia.HewasappointedastheCEOofNNHayatveEmeklilikin2017,sincewhenhehasplayedasignificantroleinstrengtheningthecommercialactivitiesandfinancialresultsofNNHayatveEmeklilik.

Fabian Rupprecht, CEO Interna-tional and Board Member at NNGroup,said:“IwouldliketothankMarius Popescu for his valuablecontributionstoNNHayatveEme-klilik;andcongratulatehimforhisnewassignmentatNNGroup.Dur-inghisthreeyearsofworkingatNNHayatveEmeklilik,heconsistentlyimplemented long-term strategiesandachievedgrowthandcostman-agement;whilereinforcingthecom-mercialactivitiesofthecompanybyenteringComplementaryHealthIn-surancebranch.”

Marius Popescu is appointed to a new position within NN Group

Marshcontinues to strengthen its team.KağanBulcawasap-pointedastheTradeCreditDirectorofMarshTurkey,andSinemGökçewasappointedas theDirectorofCorporatePlacement.SinanÜst,whoiscurrentlytheExecutiveDirectorofOperationsandTechnologyatMarshTurkey,wasalsoassignedtherespon-sibilityofExecutiveDirectorofOperationsandTechnology inCyprus,IsraelandGreece.

Acompanyofferingcreativesolutionstoitscustomerstoman-agetheirsector-specificrisksefficiently,MarshTurkeyhasmadesignificantappointmentstoreinforceitsteam.KağanBulcawasappointedastheTradeCreditDirector,whileSinemGökçewasappointedas theDirectorofCorporatePlacement.SinanÜst,whoiscurrentlytheExecutiveDirectorofOperationsandTech-nologyatMarshTurkey,wasappointedastheExecutiveDirectorofOperations&TechnologyforCentral&SouthEasternEurope-Turkey&SouthRegion.Hewillcontinuetoworkfromİstan-bul,andinadditiontohisresponsibilitiesforTurkey,hewillleadtheoperationandtechnologyunitsofMarshCyprus,IsraelandGreece.

Kağan Bulca, Trade Credit Director of Marsh Turkey

Bornin1981,KağanBulcastudiedatKültürCollegeduringsec-ondaryschoolandhighschool;afterwhichhewenttotheUSAtostudyatSaintMary,CollegeofMiami,andUniversityofMiami.

Following some experience in different sectors, he was trans-ferredtoCofaceTurkeyin2006;andwasmostrecentlywork-ingasaseniormanageratWillisTowersWatsonin2018,afterwhenhejoinedMarshTurkey.

Sinem Gökçe, Director of Corporate Placement of Marsh Turkey

Bornin1984,SinemGökçegraduatedfromŞişliAnatolianHighSchoolin2002.ShethenstudiedGeologicalEngineeringatİs-tanbulTechnicalUniversityuntil2007.ShebeganhercareerinthesalesdepartmentatMatelHammaddeSanayiasof2004,andworkedatseveralpositionsatMarshTurkeybetween2007and2018.ShewasmostrecentlyworkingasaDirectoratHow-denSpecialistInsuranceBrokers.

Sinan Üst, Leader of Marsh CSEE South & Turkey

SinanÜstjoinedMarshTurkeyasofOctober2018astheExec-utiveDirectorofOperationsandTechnologywithhisvastexperi-enceandknowledgeinprojectmanagement,ITconsultancyandbusinessprocessdevelopment.BeforejoiningMarsh,heworkedatAllianzSigortafor11yearsasaProjectManagerandOr-ganizationalManagement Director, during which hemanagedtheprojectsincentralsupportfunctionsaswellaseverypartofinsurancevaluechains.BeforehiscareeratAllianz,heworkedasprofessionalITconsultantatseveralcompaniesintheUSAfor10years.

Important appointments at Marsh

12 at a glance

Influencing insurance lineswith their innovative products andservices,RaySigortalaunchesanewproductthatwillcreateadifferenceintheautoline.Aftercompletingthetechnicalinfra-structureandcreatinganewprogramfortheirnewservice,RaySigortaisnowabletosharemotorcascoortrafficquoteswiththeircustomersinstantly,onlyuponthedeliveryoftheirlicensephotos.This new service is calledŞipŞak (means snapshot inTurkish).Theserviceisthefirstofitskindinthemarketbothintermsofitsscopeandembeddedprocesses;makingmotorcascoandtrafficinsuranceprocessesmuchfasterandeffortless.

Thenewlydevelopedprogram,scansthelicensephotosentbythecustomerindigitalenvironmentandcapturestherelatedpolicyinformationfromthepicture,whicharethenturnedintoamotorortrafficpricequotethatfitsbestforthecustomerprofile.Thecustomerssharethephotoovere-mail,andreceivetheresponserapidlyovere-mail.Moreover,customerswhodecidetobuytheinsuranceafterreceivingthequoteareautomaticallydirectedtothe3Dsecureplatformwheretheycanmakethepaymentusingtheircreditcards.Thisservicecoversallrenewalsthatarereg-isteredinSBM(InsuranceInformationandMonitoringCenter)andRaySigorta,andalsousedvehicleswithvalidlicenses.

Easy to get price quotes with ŞipŞak

ŞipŞak,thenewpricequoteservicebyRaySigorta,isbasedonareallyadvancedandfastinfrastructure.Thesystemrecognizesagentsusingtheirregisteredaddresses,andoffermultiplequotesformultiplelicensesinasinglee-mail.Separatelyshotlicensephotosandseparatelysente-mailsareautomaticallymatchedbythesystem.Italsosharesdiscountprices,ifthepotentialownerofthemotorcascopolicyhasarighttouseoccupationaldiscount

dependingontheSBMinquiry.Ifthey already have a valid pricequoteforthemotorcascoproduct,thisquoteisre-offered.ThequotessenttotheagentsareeasilysharedwiththecustomersviaWhatsAppwith a single touch of a button.Thecustomercanthenentertheircredit card information on thescreen they receive, and buy thepolicythrough3Dsecuresystem.

Both easy and secure

Koray Erdoğan, GeneralManag-er ofRaySigorta, says thatRaySigorta constantly reviews theirservicesinparallelwithcustomerneedsandrequirementsoftheera.“Thisnewpricequotesystemisaproductofvigorousandmeticulouseffortsofour teammates.With theuseofŞipŞak,asystemwhich isas fastas itsnameandsaves timeforbothcustomersandagents,RaySigortaaimstomakeadifferenceinthreeseparateareas.Firstoneissimplicity:forouragents,get-tingapricequotefromusisassimpleasforwardingaphotooverWhatsApp.Anotheradvantage forouragents is theability tocompletetransactionsoutsidetheirofficeseasily.Thankstothenewfeaturesofthissystem,theyarenotconfinedtotheirofficesandcangetpricequotesanywheretheywant.Thefinalbenefitisprovidingourcustomerswithapeaceofmindwhilemakingtheircreditcardpayments,thankstothe3Dsecuresystemtheycanusewhilebuyingtheirpolicies.”

AnadoluHayatEme-klilik was certifiedwith LEED Gold(LeadershipinEner-gy andEnvironmen-tal Design) by theU.S.GreenBuildingCouncil (USGBC)thanks to its envi-ronmental and us-er-friendly internaldesignandconstruc-tionelementsapplied

atitsCustomerServicesCenterlocatedinsideKartalManzaraAdalar.Thedesignoftheofficewasbasedonsustainabilityprin-ciples starting from the project concept, and earned theGoldcertificate in the categoryof“Commercial Interiors”.Aimingtocreateahealthyandmodernworkingenvironment,thepro-ject integrated lots of environmental-friendly features into the

designandconstructionprocesses.CustomerServicesCenterofAnadoluHayatEmekliliksavespowernearlyupto30%withitsefficientilluminationdesignandlightfixtures.Waterconsump-tionwasreducedbyover40%thankstothemoreefficientwaterfixtures.Inordertoincreaseinternalairquality,mechanicalsys-temsweredesignedtoblowincreasedfreshairtointeriorspaces.Constructionalequipmentwerechosenfromamongthosewith‘EnvironmentalProductDeclaration’ thathave lower environ-mentalimpact.Morethan90%ofthebuildingreceivesdaylightthankstotheamountandtypeofglassusedinthefaçade.Withanopen-officeplan,over95%of the spacesoffer inhabitantswideviewsfromtheirseats.

Offeringamodernworkingatmosphereforitsemployeesonanareaof3 thousand461squaremeters spread to3 floors, theofficehas recreationalareas surroundingworkareasoneveryfloor.Itoffersapleasantworkspaceforemployeeswithitshighceilings,spaciouslook,andmoderndecoration;aswellasmod-ernservicesforcustomerswithitshigh-techinfrastructure.

Ray Sigorta shares price quotes instantly for a picture of your vehicle license

Anadolu Hayat Emeklilik Customer Services Center certified with LEED Gold

at a glance 13

AnadoluSigortasharesapartoftheirincomefromshipsin-surancewithTURMEPA/DenizTemiz(TurkishMarineEnvi-ronmentProtectionAssociation).

Offeringinsurancecoveragetocommercialcargoliners,andprivateandcommercialexcursionboats,shipbuilding/renew-alprojects,aswellasliabilitiesofshiprepairmen,marinas,andmaritime and port authorities via ship insurance prod-ucts;AnadoluSigortamaintainsitsmarketleadershipinthisbranchforlongyears.Withinthescopeofaprotocolsignedwith TURMEPA/DenizTemiz (TurkishMarineEnvironmentProtection Association) in 2011, Anadolu Sigorta donatesapartof their incomefromships insuranceproducts to theassociationeveryyear,contributingto theprotectionof theseas.

SemihaÖztürk,GeneralManagerofTURMEPA/DenizTemiz(TurkishMarineEnvironmentProtectionAssociation),visit-edAnadoluSigorta;duringwhichMehmetŞencan,GeneralManagerofAnadoluSigorta,gaveastatement:“Witheverysinglepolicyweissue,wearecontributingtoTURMEPA.AsTurkey’s leadercompany,we investour income from insur-anceactivities intoourcountry, into thesectorsweprovideservicesfor.Ourexistingpartnershipsareapartofthisap-proach.Inaddition,wearealsohappytobesponsoringsail-ingcompetitionsandBodrumCup,thebiggestsailingfestivalintheMediterranean,”hesaid.

Şencanalsounderlinedtheimportanceofinsuranceintermsofthecontinuityofcommercialactivitiesinthemaritimesec-tor,which isofgreat importancefor thenationaleconomy.“Asinmanybranches,AnadoluSigortaisthemarketleaderinshipsinsurancewithamarketshareof36percent.Withtheresponsibilityofthisleadership,wewillcontinuesupportingTURMEPA/DenizTemiz (TurkishMarineEnvironmentPro-tection Association), which continues its activities with theaimofleavingahabitableenvironmenttofuturegenerationsandmakesurethattheycanbenefitfromtheseasofTurkey,”

he said. Semiha Öztürk, General Manager of TURMEPA/DenizTemiz (TurkishMarineEnvironmentProtectionAsso-ciation),statedthatweowedoneofeverytwobreathswetaketoourseas,and50to70percentoftheoxygenweneedwereprovidedby the seas.“TURMEPAfights for theprotectionofourseasasouroxygenproviders,withthesupportofallsea-lovers;andworksforthatcauseespeciallythroughedu-cationandwastecollectionactivitiesfor25years.AsTUR-MEPA,wearetryingtoexplainthevitalimportanceofourseas;andwemakeanefforttomakeeveryonetobeapartofthisfight.Andallthoseeffortsareyieldingfruits:Sofar,wehavereached8million300thousandstudents.With6wastecollection ships that became the symbol of our association,we have collected38million liters of liquidwaste.We aretryingtoincreasethosefigureswitheverythingwehave.Weare very happy to receive support from the prominent andsensitivebrandsofourcountry.ThankstothedonationsmadebyAnadoluSigortasofar,wehaveprevented570thousandlitersofblackwaterfrompollutingourseas,whichhaskept4million500thousandlitersofseawaterclean,”shesaid.ShehighlightedthattheyattachgreatimportancetothesupportprovidedbyAnadoluSigorta,adding that their cooperationmodelshouldbeanexampleforotherfinanceandinsurancecompanies.Attheendofthevisit,SemihaÖztürkpresentedathank-youplatetoMehmetŞencan.

Anadolu Sigorta protects both ships and the seas

CreditBureau(KKB)andInsuranceAgentsFederationofTur-key(TUSAF)havejustagreedonacooperation,thankstowhichallinsuranceagentswillbecomeFindeksservicepointsinaddi-tiontobankbranches.

WiththeprotocolsignedbyCreditBureau(KKB)andInsuranceAgents Federation of Turkey (TUSAF), insurance agents arenowabletoofferFindeksproductsandservicestotheirowncus-tomers.Withinthescopeofthiscooperation,customersofinsur-anceagentswillbeabletomanagetheirpersonalfinancialstatusandalsohavetheabilitytominimizetheircreditrisksbyfindingoutaboutthefinancialstatusofthirdpartiestheyareinbusiness

with.So far, individuals could obtainFindeksPackages frombankbranch-es, Findeks digital channels andCus-tomerContactCenters.Withthisnewagreement, all insurance agents thatrequest to become a Findeks sellingpoint will have the authority to offerFindeksproductpackagestotheirowncustomers.ConductedjointlybyTUSAFandKKB,thisprojectwillcontributetotheimprovementoffinancialliteracyandriskmanagementawarenessinTurkey.

Insurance agents becoming “Findeks Package Application Point”

14 insurance outlook

Total premium production reaches 11 billion 618 million USD

at the end of 2019Attheendof2019,premiumsproducedbyTurkishinsurancemarketreached11billion318millionUSD;upby12.63%comparedtothesameperiodofpreviousyear.Liabilityinsurancelinegotthemajorityshareinpremiumproduction,whilelifeinsurancehadthehighestgrowthrate.

15

AccordingtothestatisticsannouncedbytheInsuranceAssociationofTurkey(T.S.B)attheendof2019,pre-miumsproducedbyTurkishinsurancemarketreached11 billion 618millionUSD; a growth of 12.63 per-centcomparedtotheendof2018.Premiumswrittenin the non-life segment reached9 billion712millionUSD,whilelifepremiumsstoodat1billion906millionUSD.(AccordingtotheTL-basedresult,marketgrowthwasreportedas26.69%.Differences in theFXratescaused a smaller growth inUSD-based results.USD/TRYparitywas5.2984on31.12.2018,whichescalat-edto5.9596asof31.12.2019).

At the end of the year, liability insurance producedhighest amount of premiums and reached a marketshareof29.94%.Lifeinsurancerankedsecondwithagrowthrateof16.41%,followedbyvehicleinsurancewith 14.51%.Share of fire and natural forces stoodat12.2%,healthinsuranceat12.07%,generallossesat8.48%,accidentinsuranceat3.43%andmarineat1.37%.

“Allianz Sigorta finished 2019 as the mar-ket leader with a premium volume of 1 billion 161 million and a market share of 10%”

During2019Q4,highestgrowthrateintermsofpremi-umvolumecomparedtothesameperiodof2018,wasreported in life insurance. Health insurance followedwiththesecondhighestgrowthrate,whileaccidentline

rankedthird.Fireandnaturalforces,vehicleinsurance,liabilityinsurance,marineandgenerallossesfollowedrespectively.

Attheendof2019andjustlikeinpreviousterms,Al-lianzSigortacompleted the finalquarterandyearasthemarketleaderintermsofoverallmarketpremiums,with a premium production of 1 billion 161 millionUSDand amarket share of 10%. AnadoluAnonimTürkSigortaŞirketirankedsecondwithapremiumvol-umeof1billion108millionUSDandamarketshareof9.54%.AkSigortareportedapremiumvolumeof750million648thousandUSD,rankingasthethirdcompa-nywithamarketshareof6.46percent.AXASigortaranked fourthwithapremiumvolumeof688millionUSDandamarketshareof5.93%,followedbySompoSigortawith564millionUSDandamarketshareof4.86%.Totalvolumeofpremiumsproducedbytop3companiesaccountedfor26%ofoverallmarketpremi-ums,whiletop5companiesproduced36.78percentofoverallmarketpremiums.

AllianzSigorta,AnadoluAnonimTürkSigortaŞirketi,AkSigorta,AXASigorta,SompoSigortaA.Ş.werere-spectivelylistedasthetop5companiesofnon-lifepre-miumproduction.

Ontheotherhand,ZiraatHayatveEmeklilik,AnadoluHayatEmeklilik,AllianzYaşamveEmeklilik,MetlifeEmeklilikveHayat,AvivaSAEmeklilikveHayatwererespectivelylistedasthetop5companiesofpremiumproductioninthelifesegment.

10,00%

9,54%

6,46%

5,93%

4,86%

4,24%

4,04%4,02%3,27%3,06%

20,96%

23,62%

Market shares of insurance companies

Allianz Sigorta AŞ

Anadolu Anonim Türk Sigorta Şi rketi

Aksigorta AŞ

Axa S igorta AŞ

Sompo Sigorta AŞ

HDI S igorta AŞ

Mapfre Sigorta AŞ

Ziraat Sigorta AŞ

Güneş Sigorta AŞ

Halk Sigorta AŞ

Next 10 Companies

Following Companies

16

Non-life and life premium of Turkish insurance market in the 4th quarter of 2019 (in thousands of USD)Ranking CompanyName Nonlifepremi-

umsMarketshare

(%)CompanyName Lifepremiums Marketshare(%)

1 AllianzSigortaAŞ 1.161.650 11,96% ZiraatHayatveEmeklilikAŞ 326.951 17,15%

2 AnadoluAnonimTürkSigortaŞirketi 1.108.607 11,41% AnadoluHayatEmeklilikAŞ 206.227 10,82%

3 AksigortaAŞ 750.648 7,73% AllianzYaşamveEmeklilikAŞ 170.822 8,96%

4 AxaSigortaAŞ 688.647 7,09% MetlifeEmeklilikveHayatAŞ 161.530 8,47%

5 SompoSigortaAŞ 564.310 5,81% AvivaSAEmeklilikveHayatAŞ 151.910 7,97%

6 HDISigortaAŞ 492.622 5,07% VakıfEmeklilikveHayatAŞ 151.334 7,94%

7 MapfreSigortaAŞ 469.369 4,83% GarantiEmeklilikveHayatAŞ 140.535 7,37%

8 ZiraatSigortaAŞ 466.768 4,81% AegonEmeklilikveHayatAŞ 121.227 6,36%

9 GüneşSigortaAŞ 380.158 3,91% HalkHayatveEmeklilikAŞ 120.414 6,32%

10 HalkSigortaAŞ 355.265 3,66% CignaFinansEmeklilikveHayatAŞ 111.873 5,87%

Subtotal 6.438.044 66,29% 1.662.823 87,24%

11 NeovaSigortaAŞ 274.931 2,83% BNPParibasCardifEmeklilikAŞ 51.419 2,70%

12 BupaAcıbademSigortaAŞ 265.490 2,73% FibaEmeklilikveHayatAŞ 50.133 2,63%

13 DogaSigortaAŞ 257.323 2,65% NNHayatveEmeklilikAŞ 39.919 2,09%

14 EurekoSigortaAŞ 246.126 2,53% BNPParibasCardifHayatSigortaAŞ 34.959 1,83%

15 QuickSigortaAŞ 224.501 2,31% BereketEmeklilikveHayatAŞ 23.633 1,24%

16 EthicaSigortaAŞ 218.764 2,25% AllianzHayatveEmeklilikAŞ 18.997 1,00%

17 RaySigortaAŞ 207.745 2,14% KatılımEmeklilikveHayatAŞ 8.892 0,47%

18 GroupamaSigortaAŞ 196.057 2,02% MapfreYaşamSigortaAŞ 7.642 0,40%

19 BereketSigortaAŞ 183.640 1,89% GroupamaHayatAŞ 4.954 0,26%

20 ZurichSigortaAŞ 134.035 1,38% AxaHayatveEmeklilikAŞ 1.895 0,10%

Subtotal 2.208.612 22,74% 242.443 12,72%

21 TürkNipponSigortaAŞ 129.319 1,33% BupaAcıbademSigortaAŞ 669 0,04%

22 AnkaraAnonimTürkSigortaŞirketi 99.500 1,02% DemirSağlıkveHayatSigortaAŞ 185 0,01%

23 GulfSigortaAŞ 87.635 0,90% AllianzSigortaAŞ 0 0,00%

24 UnicoSigortaAŞ 86.325 0,89% AnadoluAnonimTürkSigortaŞirketi 0 0,00%

25 ChubbEuropeanGroupSEMerkeziFransaTürkiyeİstanbulŞubesi

81.528 0,84% AksigortaAŞ 0 0,00%

26 KoruSigortaAŞ 72.374 0,75% AxaSigortaAŞ 0 0,00%

27 ŞekerSigortaAŞ 58.990 0,61% SompoSigortaAŞ 0 0,00%

28 CorpusSigortaAŞ 56.677 0,58% HDISigortaAŞ 0 0,00%

29 GeneraliSigortaAŞ 45.889 0,47% MapfreSigortaAŞ 0 0,00%

30 MetlifeEmeklilikveHayatAŞ 41.626 0,43% ZiraatSigortaAŞ 0 0,00%

Subtotal 759.863 7,82% 855 0,04%

31 VakıfEmeklilikveHayatAŞ 39.559 0,41% GüneşSigortaAŞ 0 0,00%

32 DubaiStarrSigortaAŞ 38.115 0,39% HalkSigortaAŞ 0 0,00%

33 MagdeburgerSigortaAŞ 36.113 0,37% NeovaSigortaAŞ 0 0,00%

34 BNPParibasCardifSigortaAŞ 30.997 0,32% DogaSigortaAŞ 0 0,00%

35 OrientSigortaAŞ 25.954 0,27% EurekoSigortaAŞ 0 0,00%

36 CofaceSigortaAŞ 18.744 0,19% QuickSigortaAŞ 0 0,00%

37 DemirSağlıkveHayatSigortaAŞ 16.603 0,17% EthicaSigortaAŞ 0 0,00%

38 TürkP&ISigortaAŞ 16.213 0,17% RaySigortaAŞ 0 0,00%

39 EulerHermesSigortaAŞ 15.211 0,16% GroupamaSigortaAŞ 0 0,00%

40 AvivaSAEmeklilikveHayatAŞ 13.832 0,14% BereketSigortaAŞ 0 0,00%

Subtotal 251.341 2,59% 0 0,00%

41 CignaFinansEmeklilikveHayatAŞ 13.454 0,14% ZurichSigortaAŞ 0 0,00%

42 AtradiusCréditoyCauciónS.A.deSe-gurosyReaseguros,İstanbulŞubesi

11.187 0,12% TürkNipponSigortaAŞ 0 0,00%

43 SSAtlasKarşılıklıSigortaKooperatifi 10.571 0,11% AnkaraAnonimTürkSigortaŞirketi 0 0,00%

44 BereketEmeklilikveHayatAŞ 6.887 0,07% GulfSigortaAŞ 0 0,00%

45 NNHayatveEmeklilikAŞ 3.659 0,04% UnicoSigortaAŞ 0 0,00%

46 ZiraatHayatveEmeklilikAŞ 3.583 0,04% ChubbEuropeanGroupSEMerkeziFransaTürkiyeİstanbulŞubesi

0 0,00%

47 KatılımEmeklilikveHayatAŞ 2.360 0,02% KoruSigortaAŞ 0 0,00%

48 FibaEmeklilikveHayatAŞ 737 0,01% ŞekerSigortaAŞ 0 0,00%

49 HalkHayatveEmeklilikAŞ 415 0,00% CorpusSigortaAŞ 0 0,00%

50 AegonEmeklilikveHayatAŞ 361 0,00% GeneraliSigortaAŞ 0 0,00%

Subtotal 53.215 0,55% 0 0,00%

51 BNPParibasCardifHayatSigortaAŞ 351 0,00% DubaiStarrSigortaAŞ 0 0,00%

52 AllianzYaşamveEmeklilikAŞ 277 0,00% MagdeburgerSigortaAŞ 0 0,00%

53 GroupamaHayatAŞ 212 0,00% BNPParibasCardifSigortaAŞ 0 0,00%

54 AnadoluHayatEmeklilikAŞ 177 0,00% OrientSigortaAŞ 0 0,00%

55 AllianzHayatveEmeklilikAŞ 122 0,00% CofaceSigortaAŞ 0 0,00%

56 BNPParibasCardifEmeklilikAŞ 90 0,00% TürkP&ISigortaAŞ 0 0,00%

57 MapfreYaşamSigortaAŞ 54 0,00% EulerHermesSigortaAŞ 0 0,00%

58 AxaHayatveEmeklilikAŞ 18 0,00% AtradiusCréditoyCauciónS.A.deSegurosyReaseguros,İstanbulŞubesi

0 0,00%

59 GarantiEmeklilikveHayatAŞ 0 0,00% SSAtlasKarşılıklıSigortaKooperatifi 0 0,00%

60 ErgoSigortaAŞ 0 0,00% ErgoSigortaAŞ 0 0,00%

Subtotal 1.301 0,01% 0 0,00%TOTAL 9.712.376 100,00% TOPLAM 1.906.120 100,00%

17

Total premium production and ranking of Turkish insurance market in the 4th quarter of 2019 and compared to 2018 (in thousands of USD

2019IV.quarter 2018IV.quarter Change Marketshare

1 AllianzSigortaAŞ 1.161.650 1.096.519 5,94% 10,00%

2 AnadoluAnonimTürkSigortaŞirketi 1.108.607 1.076.052 3,03% 9,54%

3 AksigortaAŞ 750.648 644.975 16,38% 6,46%

4 AxaSigortaAŞ 688.647 636.922 8,12% 5,93%

5 SompoSigortaAŞ 564.310 473.571 19,16% 4,86%

6 HDISigortaAŞ 492.622 314.615 56,58% 4,24%

7 MapfreSigortaAŞ 469.369 499.217 -5,98% 4,04%

8 ZiraatSigortaAŞ 466.768 414.607 12,58% 4,02%

9 GüneşSigortaAŞ 380.158 359.997 5,60% 3,27%

10 HalkSigortaAŞ 355.265 331.456 7,18% 3,06%

Subtotal 6.438.044 5.847.932 10,09% 55,41%

11 ZiraatHayatveEmeklilikAŞ 330.534 237.875 38,95% 2,84%

12 NeovaSigortaAŞ 274.931 246.189 11,68% 2,37%

13 BupaAcıbademSigortaAŞ 266.160 215.879 23,29% 2,29%

14 DogaSigortaAŞ 257.323 314.945 -18,30% 2,21%

15 EurekoSigortaAŞ 246.126 287.313 -14,33% 2,12%

16 QuickSigortaAŞ 224.501 185.013 21,34% 1,93%

17 EthicaSigortaAŞ 218.764 188.648 15,96% 1,88%

18 RaySigortaAŞ 207.745 171.032 21,47% 1,79%

19 AnadoluHayatEmeklilikAŞ 206.403 120.828 70,82% 1,78%

20 MetlifeEmeklilikveHayatAŞ 203.156 152.793 32,96% 1,75%

Subtotal 2.435.643 2.120.514 14,86% 20,96%

21 GroupamaSigortaAŞ 196.057 254.214 -22,88% 1,69%

22 VakıfEmeklilikveHayatAŞ 190.893 95.095 100,74% 1,64%

23 BereketSigortaAŞ 183.640 78.728 133,26% 1,58%

24 AllianzYaşamveEmeklilikAŞ 171.099 112.520 52,06% 1,47%

25 AvivaSAEmeklilikveHayatAŞ 165.742 106.706 55,33% 1,43%

26 GarantiEmeklilikveHayatAŞ 140.535 91.284 53,95% 1,21%

27 ZurichSigortaAŞ 134.035 130.529 2,69% 1,15%

28 TürkNipponSigortaAŞ 129.319 113.867 13,57% 1,11%

29 CignaFinansEmeklilikveHayatAŞ 125.327 93.269 34,37% 1,08%

30 AegonEmeklilikveHayatAŞ 121.588 95.710 27,04% 1,05%

Subtotal 1.558.235 1.171.921 32,96% 13,41%

31 HalkHayatveEmeklilikAŞ 120.829 84.352 43,24% 1,04%

32 AnkaraAnonimTürkSigortaŞirketi 99.500 102.326 -2,76% 0,86%

33 GulfSigortaAŞ 87.635 94.468 -7,23% 0,75%

34 UnicoSigortaAŞ 86.325 113.123 -23,69% 0,74%

35 ChubbEuropeanGroupSEMerkeziFransaTürkiyeİstanbulŞubesi

81.528 47.436 71,87% 0,70%

36 KoruSigortaAŞ 72.374 61.668 17,36% 0,62%

37 ŞekerSigortaAŞ 58.990 48.927 20,57% 0,51%

38 CorpusSigortaAŞ 56.677 29.649 91,16% 0,49%

39 BNPParibasCardifEmeklilikAŞ 51.509 33.447 54,00% 0,44%

40 FibaEmeklilikveHayatAŞ 50.870 30.813 65,09% 0,44%

Subtotal 766.238 646.208 18,57% 6,59%41 GeneraliSigortaAŞ 45.889 49.034 -6,41% 0,39%42 NNHayatveEmeklilikAŞ 43.578 33.403 30,46% 0,38%43 DubaiStarrSigortaAŞ 38.115 50.074 -23,88% 0,33%44 MagdeburgerSigortaAŞ 36.113 7.382 389,17% 0,31%

45 BNPParibasCardifHayatSigortaAŞ 35.310 44.270 -20,24% 0,30%

46 BNPParibasCardifSigortaAŞ 30.997 20.586 50,58% 0,27%

47 BereketEmeklilikveHayatAŞ 30.520 5.594 445,60% 0,26%

48 OrientSigortaAŞ 25.954 30.593 -15,16% 0,22%

49 AllianzHayatveEmeklilikAŞ 19.119 21.586 -11,43% 0,16%

50 CofaceSigortaAŞ 18.744 18.019 4,02% 0,16%

Subtotal 324.340 280.541 15,61% 2,79%

51 DemirSağlıkveHayatSigortaAŞ 16.788 13.223 26,96% 0,14%

52 TürkP&ISigortaAŞ 16.213 10.012 61,93% 0,14%

53 EulerHermesSigortaAŞ 15.211 15.834 -3,94% 0,13%

54 KatılımEmeklilikveHayatAŞ 11.252 9.781 15,04% 0,10%

55 AtradiusCréditoyCauciónS.A.deSegurosyReaseguros,İstanbulŞubesi

11.187 9.967 12,24% 0,10%

56 SSAtlasKarşılıklıSigortaKooperatifi 10.571 6.216 70,05% 0,09%57 MapfreYaşamSigortaAŞ 7.696 5.924 29,92% 0,07%58 GroupamaHayatAŞ 5.166 30.950 -83,31% 0,04%59 AxaHayatveEmeklilikAŞ 1.913 2.161 -11,47% 0,02%60 ErgoSigortaAŞ 0 144.388 - 0,00%Subtotal 95.997 248.457 -61,36% 0,83%

TOTAL 11.618.496 10.315.572 12,63% 100,00%

62 LibertySigortaAŞ 0 23.208 0,00% -100,00%

Subtotal 0 37.391 0,00% -100,00%TOPLAM 5.756.045 6.092.173 100,00% -5,52%

18 at a glance

AccordingtoanannouncementbyMaherHolding,Dr.İsmailKızılbay,whoworkedastheAssistantGeneralManagerofMarketingandCom-municationatQuickSigortasinceitsfoundation,wasappointedastheHeadofCommunicationandMarketinatMaherHolding.

LeventUluçeçen,CEOofMaherHolding,gaveastatementsayingthatDr.İsmailKızılbayhadworkedsuccessfullyatQuickSigorta,whichistheflagshipcompanyofMaherHolding;andthathewouldnowworkonthecommunicationandmarketingprocessesofallinitiativesundertheroofofMaherHolding.TheannouncementalsosaysthatDr.İs-mailKızılbayisalsoappointedasaBoardMemberatQuickSigorta.

AXA Sigorta was electedas the winner of “The ONEAwards Integrated Market-ing Awards 2019” –one ofthe most prestigious awardsorganization of the market-ing World– in the insurancecategory. Organized in coop-eration with Marketing Tur-keyandAKADEMETRE, theawardsevaluatecompaniesinmorethan50marketcatego-riesthroughsurveysattendedby 1200 people from12 cit-ies.

“Ineverythingwedoforinsurancebusiness,ourutmostprior-ityistocreateadifferencewitheverystepwetake.WekeepreflectingthisperspectiveontoourcommunicationactivitiesthatnotonlyreinforcetheAXAbrandbutalso increase in-suranceawareness,andourprojectsthataddvaluetosociallife.Wedevelopourproductsandservicesaccordingtothenecessitiesofeachpassingday.Weareextremelyhappy toseethatalltheseeffortsputusamongthetopcompaniesthatincrease their reputation and brand value, and thatwe arealsoappreciatedbytheconsumers.Beingentitledtoreceivethisaward,especiallyasaresultofanassessmentmadeac-cording responses to questions representingTurkey, is of adifferentsignificanceforus.Wewouldherebyliketothankallourcolleagueswhocontributedtothisaward.”saidFiru-zanİşcan,HeadofSalesandMarketingandExecutiveCom-mitteeMemberatAXASigorta.

7 rewards to AXA in 2019

Throughout 2019, AXA Sigorta crowned its achievementswithmanyawardsindifferentareas.

The company won Gold Stevie in the category of VideoAwards,ProductSaleswith“UnderstandingtheValueBeforeLosingIt”,andBronzeStevieinthecategoryofPRAwards,CommunicationsorPRCampaignoftheYearwithAltınorduValues Partnership Football Sponsorship Video.Moreover,AXASigortawonGoldSardiswithAXAGoproductinnova-tion,andGoldawardinAltınÖrümcekWebAwardsindigitalmarketingcategorywiththeirmobilephoneinsurance.With-inthescopeofTheW3Awards,theyreceivedthreeawards,insocialresponsibilityandroadsafetycategories,aswelltheir“LetThemSee”videoprepared for InternationalWomen’sDay.

New appointment at Maher Holding and Quick Sigorta

AXA Sigorta wins The ONE Awards

“In case of loss,policyholders onlyneed to apply totheir insurancecompanies. Thereasonfortheex-istence of insur-ance business istocompensateforlosses as soon aspossible.Wehavea dynamic insur-ance market thathas a capacity topayover120mil-

lionTLinaday.Wealwaysstandbyourpolicyholders,”saidAtillaBenli,PresidentoftheInsuranceAssociationofTurkey.

Emphasizingthatpolicyholdersonlyneedtocalltheirinsurancecompaniesincaseofanyloss,AtillaBenlisaid:“Thereasonfortheexistenceofinsurancebusinessistocompensateforlossesassoonaspossible.Wealwaysstandbyourpolicyholders.”

Saying that total claimspaidby the insuranceand individualpensionmarketshavenearlyreached127trillionTL,whichac-countsfor34timestheGrossDomesticProduct(GDP);AtillaBenliaddedasfollows:

“Ourmarket isofvital importance in termsofbothproductsandservicesitoffers,andtheamountofclaimsitpays.Asofthethirdquarterof2019,totalclaimspaidourmarketincreasedby12.6percent; reaching29.1billionTL.Wehavedynamicandstronginsurancemarketthatcanpay120millionTLaday.Thereasonwhyourinsurancecompaniesexististocompensateforthelossesofpolicyholders.Therefore,policyholderswhoex-perienceanykindofloss,shouldfirstapplytotheirinsurancecompanies.”

“We always stand by our customers”

Stating that all companies in themarket constantlywork to-wardsmakingtheirclaimsprocessesfasterandeasier,andactwiththeconsciousoftheimportanceof“speed”conceptwhiledevelopingproductsandservices;Benlisaid:

“Whenalossoccurs,ourpolicyholdersshouldissueclaims,inotherwords,notify their insurancecompanies.Notified insur-ance companiesmake sure that an independent expert exam-ines the loss.After that, theyworkon the expert report, andmake the claimspaymentaccording to the coveragewithin1to5days.Therefore,policyholdersshoulddirectlygototheirinsurancecompanieswithoutlookingforotherchannels.Theyshouldnotforgetthatwealwaysstandbyourpolicyholdersaswehavedonesofar.”

Installation process of Turkish Stream, or officially Turk-StreamPipelineProject,wasinsuredbyQuickSigorta.Gen-eral Manager of Quick Sigorta, Ahmet Yaşar, announcedthattheyinsuredtheinstallationprocessofthegiantprojectwhichconsistsoftwosectionsaslandandsea.

GeneralManagerAhmetYaşarstatedthattheywerehappytohaveinsuredtheinstallationprocessofTurkStream.Re-mindingthattheprojectwasinitiatedasofFebruary2019,AhmetYaşaraddedasfollows:“Wehaveprovidedaninsur-ancecoverageofabout250millionTL,andaproject thatwill reinforceTurkey’s strategic importancewascompletedinshorterthanoneyear.InstallationinsuranceconsistedofanAllRiskcoverage,whichmeansthatallrisksduringtheinstallationwereundertakenbyQuickSigorta. In this pro-

cessweprovided insuranceforbothof thecontractorsthatconstructedtheproject.Wearehappytohavebeenapartofsuchagiantproject.”

“In case of loss, you only need to apply to your insurance company”

Installation of TurkStream completed under the guarantee of Quick Sigorta

19

20 at a glance

MAPFRE Sigorta haslaunched MAPRE Sigor-ta Agency Portal (MAP), aplatform that will acceler-atetheprocessesofallsaleschannels, support the busi-nessflowandmake itpossi-bletoeasilyreachallcompa-nysystems24/7.

Thanks to MAP, businesspartners of MAPFRE canlogin to all systems using asingle username and pass-word; easily display the an-nualandmonthlychangesonproduction, target realiza-

tion, production rankings, renewal performance results, aswellasaccessingthedetailedreportsclickingasinglebutton.Business partners are able to track the results of monthlycampaignsonadailybasis,whilemonitoringthescoresofthetravelcampaignbycriterion.Moreover,automatictrafficre-newalquotescouldeasilybeturnedintopoliciesoverasinglescreen,whichcanalsobeused to share themwith thecus-tomers.Besides all of the abovementioned features, agents

canaccessall theannouncementsona single screenwheretheycansort themaccording todatesandsubjectswithoutrequiringtotrackthemviae-mail.Similarly,MAPenablesthemtomonitorallthenewsaboutMAPFRE,basedontherelatedsaleschannelsandregions.

Portal usage rate of agencies is 100 percentCevdetAltuğ,AssistantGeneralManagerofSalesandMar-keting at MAPFRE Sigorta, gave a statement about thelaunchofMAPplatform:“AsofSeptember2018,wehaveopenedMAP to the use of all our channels. Including thescreendesigns,wehaveaskedfortheopinionsandprioritiesofourbusinesspartnersformostofthefunctions;wehaveplannedthedevelopmentsandlaunchedtheplatformasagileaspossible.Wearehappytohavecompletedaprojectthatwillsimplifythelivesofourbusinesspartnerstoagreatex-tent.

Ouragencyusagerates increasedrapidly,andreached100percentinashortwhile.Althoughitwaslaunchedonlyafewmonthsago,7thousand206policieshavebeenissuedusingthe ‘RapidTrafficQuote’ function inside the portal.Exist-ingfunctionsareonlyapartofthemainservicesofferedbyMAP.In2020,wewillcontinuetoofferthenewestfunctionsthatwillincreasethesalesofourchannels.

MAPFRE Sigorta announces MAP platform for the agents

PioneeredbyİTÜArıTeknokent,entrepreneurshipandinnova-tionbaseofTurkey,pioneeringcompaniesofTurkishinsurancemarketincludingAgito,Aksigorta,Allianz,Avivasa,EurekoSigorta,GüneşSigorta,HDISigorta,SigortaCiniandVakıfEmeklilikjoinedforces.

DetailsoftheprogramwasannouncedwithaneventheldatİTÜTeknokenton15January.Within the scopeof thisprogram,entrepreneurswillbeprovidedwithfinancialsupport,accesstothemarketandsuccessfulentrepreneurswillreceivealifelinesupportof900thousandTL.

Doç.Dr.DenizTunçalp,GeneralManagerofİTÜArıkentTe-knokent,gaveaspeechduringtheeventandsaid:“WithinthescopeofİTÜÇekirdekInsurtechProgram,wearehappytohavecombinedthegiantnamesintheinsurancemarketwiththeaimof developing initiatives thatwill develop Insurtech solutions,creatingamarketecosysteminthisarea,commercializingtheinitiativesandensuringthattheycreateglobalsuccessstories.Thesevaluableinstitutionsofourcountrywillshapethefutureoftheirmarketsbysupportingtheentrepreneursthroughthein-surtechprogramwhichwasinitiatedatİTÜÇekirdekEarly-On-setIncubationCenter,oneofthetop5amongotheruniversityincubationcenters in theworld.Therefore, İTÜÇekirdekwillbecometheinnovationcenteroftheinsurancemarket.”

OkanUtkueri,ProgramConsultantandMentorofİTÜÇekird-ek, gavea speechduring the event.“Insurancemarket hasawiderangeofproducts that touchall thecriticalmomentsofthe lifecyclesof individualsand institutions.Therefore,recenttechnologiesclosely interest insurancemarket,aswell.Atthesametime,therearemanyproblemsonwhichinsurancemarketfocusestofindsolutionswithinthisdigitalizationprocess.Ibe-lievethatthisprogram,whichoffersveryimportantopportuni-tiestoinsurancemarketandentrepreneurs,isaveryimportantsteptowardsthefutureofourmarket,”hesaid.

İTÜ Arı Teknokent gathers with successful companies of the insurance market

21

KMPG Turkey publishedthe insurance version of“Market Overview 2020”,a report serieswhich eval-uates2019andlistsexpec-tationsfor2020forvarioussectors. According to thereport, Turkish insurancemarket where 62 compa-niesoperateincludingErgoSigorta,grewby24percentduring the first 10monthsof 2019, compared to thesame period of previousyear. During that time-frame, themarket reached

apremiumvolumeof54billionTLandcaughttheoverallmar-ketproductionof2018in10months.Preliminarydataindicatesthattheinsurancemarketwillreachagrowthovertheaveragesin2020,withitshighpotentialdrivenbythegrowthdynamicsinpopulationand economy.KeremVardar,FinancialServicesSectorLeaderatKPMG,evaluatedthereportandsaid:“Statesupportinthestrategicareassuchasindividualpensionsystem,agriculturalandnaturalcatastrophicinsurancestandsoutasoneofthemarket’sstrongsuits.Highrateofworkingyoungpopu-lationisalsoanotheradvantage.However,shrinkingdemandinmainsectorssuchasautomotiveandconstruction,aswellasgeo-politicalrisksposeathreattotheinsurancemarket.Ontheotherhand,therearesomesignsthateconomicactivitiesthatbegantolivenupinthelastquarterof2019willsupportthepremiumvol-umeandincomes.Complementaryhealthinsuranceproductswillbecomemorepopular,andproductssuchascreditinsuranceandbondinsurancewillseebettermovement.Cyberinsuranceprod-uctsalsobecomemoreimportantday-by-day.Inparallelwiththeexpansionincredits,lifeinsurancewillcontinuetogrow.Nursinginsuranceisalsoexpectedtowitnesssomedevelopments.”

Highlights from theMarket Overview2020Report byKPMGTurkeyinclude:•Themarket grewby24.3 percent in the first 10months of2019,reachingapremiumvolumeofapproximately54.5billionTL.•Non-lifeproductionstoodat46billionTL,andlifeproductionat9billionTL.• Total claims paid in the first ninemonths of 2019 reached23.1billionTL,whichindicatesanannualgrowthof18percent.Shareoftrafficandmotorlinesinthattotalstandsat56percent,whilelifeinsurance’sshareisonly10percent.ForeigninvestorshaveanappetiteforTurkishinsurancebusiness•In2018, the insurancemarketattracteda foreigndirect in-vestmentof47millionUSD;whichincreasedupto219millionUSDinthefirstninemonthsof2019.ThisbroughttotalFDIininsurancemarketupto8.1millionUSDinthelast16years.•Outstandingmergers&acquisitionsof2019includetheacqui-sitionofUnicoSigortabySBKHolding,ErgoSigortabyHDISigorta,andBehaSigortabyindividualinvestors.•Since2015,averagegrowthinemploymentwaslimitedto1percent;while214newemployeesjoinedtheinsurancemarketin2018.Attheendof2018,totalnumberofemployeesinTurkish

insurancemarketexceededthelimitof20thousand.•FundsizeinBES(IndividualPensionSystem)reached113.2billion TL, including the state subsidy funds. Total number ofparticipantsreached6.8million,andtotalnumberofcontractsreached8.15million.Fundsizeperparticipantstoodat12thou-sand888TLin2018,whichclimbedupto16thousand588TLin2019.Asset size exceeds 200 billion TL•Duringthefirstninemonthsof2019,assetsizeoftheinsurancemarket,grewby21.6percentcomparedtothesameperiodofpreviousyear,reaching215.6billionTL.Duringthistimeframe,non-lifecompaniesgrewby21.6percent,and lifeandpensioncompaniesby24.9percent.•Shareofreceivablesfrommainoperationsintheassetstruc-turestoodat59percent,whileshareoffinancialassetsclimbedupto13percent.Thesefiguresindicatea41percentgrowthinthefinancialassetsofcompaniesoperatinginTurkishinsurancemarket.Growth rate stands around25percent for receivablesfrommainoperations.Debts continue growing•Attheendof2018,payablesfrommainoperationsincreasedto98.9billionTL;andthento121.8billionTLasofSeptember2019.On theotherhand, total liabilities-to-equity ratiowhichstoodat17.7percentin2013,continuedtodecrease;reaching11.8percentasofSeptember2019.• Technical profit, which translates into insurance operationsonly,reached5.6billionTL,upby27percentcomparedtothesameperiodofpreviousyear.Non-lifecompaniesincreasedtheirtechnicalprofitsby23percent,lifeandpensioncompaniesby36percentandreinsurancecompaniesby47percent.Newamendmentsbringopportunities•TürkRe,whichwasfoundedinSeptember2019withacapitalof600millionTLbytheMinistryofTreasuryandFinance,isex-pectedtoincreaselocalreinsurancecapacity.Thecompanyaimstokeepreinsurancetransactionsof1.2billionTLworthinsidethecountry.•InsuranceRegulationandSupervisionAgency(SEDDK),aneworganizationthatisregardedasasignificantstructuralreforminthemarket,isexpectedtotakeimportantstepstowardsincreas-ingtheinsuranceawarenessandreinforcingfinancialstructures.•Insurancecompaniesthatareownedbythestatewillbeconsol-idatedundertheroofof“TurkishWealthFund”.Theprojectisplannedtobecompletedinthefirstquarterof2020withtheaimofcreatingascaleeconomyandbringingthesizeofnon-bankfinancialindustrytothelevelofglobalaverages.Takaful will grow•Takafulwillbeoneof thebigopportunities in2020.Globalpremiumvolumeoftakafulexceeds20billionUSD,85percentofwhichareproducedbySaudiArabia,IranandMalaysia.•Analystsbelievethatthismarketwillreachasizeof43billionUSDby2023.Inrecentyears,ethicalbankingisrapidlydevelop-inginalsoindevelopedEuropeancountriessuchasUK,Canada,USAandAustralia.Asanextension,takafulisestimatedtobe-comebeingthepreferredinsuranceproduct.•Despitebeingarelativelynewarea,takafulisdevelopingrapid-lyinTurkey.Totalpremiumproductionintakafulwas2.2billionTLin2018,whichincreasedupto2.8billionTLasoftheendofOctober2018.

Insurance market will continue to grow in 2020

22 pension outlook

Pension funds show high return performance in 2019 FundsizeofparticipantsinIndividualPensionSystem(BES)exceeded16billion467millionUSDattheendof2019.Stockfundswerethemostprofitablefundgroupforinvestorswithareturnof37.60percent,whilepreciousmetalsfundshadthehighestfundoccupancyrate.

23

Reference:Finnet

Monthlyratesofreturnbyfundgroupsin2019(%)FundGroup January F e b r u -

aryMarch April May June July August Septem-

berOctober Novem-

berDecem -ber

Bondsandbillsfunds 2,56 1,27 -1,52 3,26 0,14 4,62 0,80 2,01 2,10 2,13 1,52 3,32

Fundbasketfunds 6,13 1,51 -2,29 2,60 -0,57 4,29 2,95 -0,83 4,18 -0,29 3,87 4,15

Stockfunds 13,54 1,56 -6,92 2,71 -2,87 7,06 4,29 -4,67 8,02 -3,91 8,29 7,40

Composite&flexiblefunds 5,25 1,00 -4,11 1,78 1,00 6,30 3,69 -0,29 5,05 1,10 3,08 2,64

Participationfunds 2,51 1,96 0,41 1,52 -0,14 2,59 2,80 1,36 2,90 1,47 3,36 3,95

Preciousmetalsfunds 1,12 2,51 3,33 4,81 -0,46 6,77 -2,87 12,85 -5,77 2,07 -2,50 7,32

Moneymarketfunds 1,84 1,72 1,89 1,96 2,10 1,90 2,03 1,56 1,43 1,25 1,07 0,90

Total fund sizeof participants in the IndividualPensionSys-temgrewby32 percent at the end of 2019 compared to theendof2018,reaching16billion467millionUSD.Duringthefirsthalfof2019,fundswithhighestrateofreturnwerelistedrespectivelyaspreciousfunds,moneymarket,composite&flex-iblefunds,bondsandbills,stockfunds,andfundbasketfunds.Ontheotherhand, therankingwaschanged intostockfunds,preciousmetals,composite&flexiblefunds,fundbasketfunds,participationfunds,bondsandbills,andmoneymarketfundsattheendoftheyear.

Stock funds have the highest return rates

Whenweanalyze theyear-endperformancesofpension fundsthat aim to bring long-term returns to investors, we see thatpensionfundsbroughtareturnof37.60percentin2019.Stockfundshadreturnedaprofitof-13.10percentinthesameperiodof2018.Occupancyrateofstockfundswerereportedas1.16percentinJanuary,1.15percentinFebruary,1.12percentinMarch,1.13percent inAprilandMay,1.12percent inJune,1.11percent in July,August andSeptember,1.14percent inOctober, 1.15 percent inNovember, and 1.17 percent inDe-cember.

Precious metals funds brought a return of 31.62 percent

Preciousmetalsfundshadreturnedthehighestprofittoinves-torsattheendof2018with35.93percent;butwentdowntothesecondplaceattheendof2019withareturnof31.62per-cent.Occupancyrateofpreciousmetalsfundswerereportedas6percentinJanuary,6.29percentinFebruary,6.68percentinMarch,6.98percentinApril,7.28percentinMay,7.47per-centinJune,7.74percentinJuly,6.03percentinAugust,5.52percentinSeptember,5.69percentinOctober,5.85percentinNovember,and6.06percentinDecember.

Return of composite and & flexible funds increased by 369 percent compared to the same period of previous year

Compositeand flexible fundsbrought the thirdhighest return

24 pension outlook

Occupancyratesofpensionfundsin2019(%)FundGroup January February March April May June July August September October November December

Bondsandbillsfunds 3,09 3,08 3,09 3,08 3,06 3,05 3,05 3,04 2,72 2,73 2,75 2,77

Fundbasketfunds 0,71 0,76 0,75 0,76 0,73 0,72 0,73 0,71 0,70 0,70 0,70 0,69

Stockfunds 1,16 1,15 1,12 1,13 1,13 1,12 1,11 1,11 1,11 1,14 1,15 1,17

Compositeandflexiblefunds 3,37 3,38 3,37 3,38 3,38 3,41 3,43 3,50 3,49 3,53 3,57 3,61

Participationfunds 1,17 1,18 1,17 1,18 1,17 1,10 1,11 1,12 1,12 1,13 1,14 1,17

Preciousmetalsfunds 6,00 6,29 6,68 6,98 7,28 7,47 7,74 6,03 5,52 5,69 5,85 6,06

Moneymarketfunds 4,35 4,37 4,34 4,37 4,39 4,43 4,46 4,47 4,55 4,53 4,55 4,59

37,6033,08 31,62 29,43 28,47 27,57 25,68 24,45

21,51 19,39 18,1312,91 11,01 10,33

Stock fu

nds

BIST Gold - G

AU/TRY

Precio

us metals f

unds

Composite &

flexible fu

nds

Fund basket f

unds

Particip

ation fu

nds

BIST 100

Bonds and bills

funds

Money m

arket funds

BIST-KYD 1M

onth In

dicative

Deposit

Index

BIST Gold - X

AU/USD

TCMB U

SD

Consumer p

rice in

dex

TCMB EUR

Returns of pension funds against alternative investment tools in 2019 (%)

attheendoftheyear.Thisfundgrouphadbroughtareturnof6.27percentattheendof2018,whichclimbedupto29.43per-centattheendof2019.Occupancyrateofcomposite&flexiblefundswerereportedas3.45percent inJanuary,3.38percentinFebruary,3.37percentinMarch,3.38percentinAprilandMay,3.41percentinJune,3.43percentinJuly,3.50percentinAugust,3.49percentinSeptember,3.53percentinOctober,3.57percentinNovember,and3.61percentinDecember.

Fundbasket pension fundsbrought a returnof28.47percenttoitsinvestorsattheendoftheyear.Thesefundshadcausedalossof-1.47percenttotheirinvestmentsattheendof2018.Theiroccupancyratewasreportedas0.71percentinJanuary,0.76percentinFebruary,0.75percentinMarch,0.76percentinApril,0.73percentinMay,0.72percentinJune,0.73per-centinJuly,0.71percentinAugust,0.70percentinSeptember,October,andNovember,and0.69percentinDecember.

27.57 percent return from participation fundsParticipationfundsreturnedaprofitof27.57percentattheendof2019.Thesefundshadbroughtaprofitof10.36percentinthesameperiodof2018.Theiroccupancyratewasreportedas

1.17percentinJanuary,1.18percentinFebruary,1.17percentinMarch,1.18percentinApril,1.17percentinMay,1.10per-centinJune,1.11percentinJuly,1.12percentinAugustandSeptember,1.13percentinOctober,1.14percentinNovember,and1.17percentinDecember.

Returnofbondsandbillsreached24.45percentattheendof2019,whichhadstoodat14.48percentinthesameperiodofpreviousyear.Occupancyrateofbondsandbillsfundswerere-portedas3.09percent in January,3.08percent inFebruary,3.09percentinMarch,3.08percentinApril,3.06percentinMay, 3.05 percent in June and July, 3.04 percent inAugust,2.72percentinSeptember,2.73percentinOctober,2.75per-centinNovember,and2.77percentinDecember.

Money market funds had the lowest return rates in 2019Moneymarketfundsbroughtthe lowestrateofreturntopar-ticipantswith21.51percent,whichhadstoodat18.16percentinthesameperiodofpreviousyears.Occupancyrateofmoneymarket fundswere reportedas4.35percent inJanuary,4.37percent in February, 4.34 percent inMarch, 4.37 percent inApril,4.39percentinMay,4.43percentinJune,4.46percent

25

-13,10

36,66 35,93 6,27

-1,47

10,36

-21,50

14,48 18,16 16,66

-1,45

38,07 21,62 32,55 38,54

37,60

33,08 31,62

29,4328,47

27,5725,68

24,45 21,51 19,39

18,13

12,91

11,0110,33 6,63

Stock

funds

BIST Gold - G

AU/TRY

Precious m

etals f

unds

Composit

e & fle

xible

funds

Fund b

asket

funds

Particip

ation fu

nds

BIST 10

0

Bonds a

nd bills

funds

Money m

arket fu

nds

BIST-KYD 1Month In

dicat i

ve Dep

osit Ind

ex

BIST Gold - X

AU/USD

TCMB USD

Consumer

price ind

ex

TCMB EU

R

Producer

price in

dex

Annual comparison of total returns of pension funds against alternative distribution tools (%)

2018 return 2019 return

2,882,54 2,43 2,21 2,18 2,14 2,06 1,85 1,64 1,49 1,47

1,06 0,88 0,880,54

Stock fu

nds

BIST Gold - G

AU/TRY

Precio

us metals f

unds

Composite &

flexible fu

nds

BIST 100

Fund basket f

unds

Particip

ation fu

nds

Bonds and bills

funds

Money m

arket funds

BIST-KYD 1M

onth In

dicative

Deposit

Index

BIST Gold - X

AU/USD

TCMB U

SD

TCMB EUR

Consumer p

rice in

dex

Producer p

rice in

dex

Average monthly returns of pension funds against alternative investment tools in 2019 (%)

inJuly,4.47percentinAugust,4.55percentinSeptember,4.53percentinOctober,4.55percentinNovember,and4.59percentinDecember.

Performance of pension funds against alternative investment tools Attheendoftheyear,stockfundsbroughtanaveragemonth-ly return of 2.88 percent against alternative investment tools,whereaspreciousmetalsfundsbrought2.43percent,composite&flexiblefundsbrought2.21percent,fundbasketfundsbrought2.14 percent, participation funds brought 2.06 percent, bonds

andbillsbrought1.85percent,andmoneymarketfundsbrought1.64percent.

During this term,BISTGold–GAU/TRYbroughta returnof2.54percent,BIST100indexbroughtareturnof2.18percent,BIST-KYD1Month IndicativeDeposit Index brought a returnof1.49percent,BISTGold–XAU/USDbrought1.47percent,TCMBUSDbrought1.06percent,TCMBEuroandconsumerpriceindexbothbrought0.88percent,andproducerpriceindexbrought0.54percent.

26 country profile

27

BulgariaLocatedintheBalkansandborderedbySerbiaandMacedoniatothewest,BlackSeatotheEast,Romaniatothenorth,GreecetothesouthandTurkeytothesoutheast;Bulgariaistheworld’s16thlargestcountrywithasurfacelandcovering100,994squarekilometers.

Capitalcity isSofiaandnationalcurrency isBulgarianLev.ThecountryproclaimeditselfindependentfromtheOttomanrulein22September1908,andiscurrentlygovernedasaparliamentaryre-public.

Bulgaria isgenerallydominatedbyamildclimate,withcoldandhumidwintersandhotanddrysummers.Thecountryhasanaver-ageelevationof472metersfromthesealevel,andenjoysnaturalresourcessuchasbauxite,copper,lead,zinc,charcoal,andtimber.46%ofBulgarianlandsareknowntobeagriculturallands;howev-er,rateofcultivablelandsstandat29%andforestsat36%.Thecountryalsofacesnaturalthreatssuchasearthquakeandlandslide,aswellassufferingfromairpollution.WithastrategiclocationduetoitsproximitytoTurkishstraits,Bulgariacontrolsthemainhigh-waysstretchingfromEuropetoMiddleEastandAsia.

25-34 age group is the most dominant age segment

Withapopulationofover6million966thousand,42.8%percentofwhichconsistsofpeoplebetween25and34yearsold.Shareofotheragegroupsare listedasfollows:0-14at14.5%,15-24at9.4%,55-64at13.1percent,andover65at20%.BulgarianistheofficiallanguageofthecountrywhichharborsapopulationthatconsistsofBulgarians,Turks,Romanians,RussiansandArmenians.51%ofthepopulationarefemalesand48%aremales.98.4%ofthepopulationisliterate,andeducationalexpensesequalto4.1%oftheBulgarianGDP.

3.6% real growth rate

BulgarianGDP is known to stand at 56.94 billionUSD,with arealgrowthrateof3.6%.Intermsofthesectorsoftheeconomy,agriculturehasashareof4.3%intheGDP,whileindustryhasashareof28%,andservices67.4%.Mainagriculturalproductsofthe country include vegetables, fruits, tobacco,wine,wheat, bar-ley,sunflower,sugarbeetandfarmanimals.Majormarketsintheeconomyareelectricity,gas,water,foods,beverages,tobacco,ma-chineryandequipment,automotiveparts,basemetals,chemicals,cokingcoal, refinedpetroleum,andnuclear fuels.Unemploymentratecurrentlystandsat6.2%.

Export volume of 29.08 billion USD

Withan inflation rateof1.2%,Bulgaria’s publicdebt equals to23.9%of itsGDP.The country has an export volume of 29.08

Selected indicators for BulgariaPopulation 6.966million

GDPPerCapita 8.031USD

Unemploymentrate 6,2%

GDP 56,94billionUSD

Publicdebt 23,9%ofGDP

Numberofinsurancecompanies 35

Toplamprimüretimi2019/Kasım 1,5billionUSD

Reference:CIA,ABZ

28 country profile

billionUSD;andmajorexportpartnersarelistedasGermany,It-aly, Romania, Turkey, Greece, Belgium and France. From thesepartners,Bulgariamostlyexportsclothing,shoes,iron,steel,fuels,agriculturalproducts,tobaccoandinformationtechnologies.Withanimportvolumeof31.43billionUSD,Bulgariamostlybuysma-chineryandequipment,metals,chemicals,plastics,andfuelsmostlyfromGermany,Italy,Russia,Turkey,SpainandGreece.

The Association of Bulgarian Insurers founded in 1992

TheAssociationofBulgarianInsurers(ABZ)wasfoundedin1992.Gathering30insurancecompaniesunderitsroof,ABZhasalead-ingpositioninthecreationofcommonpoliciesforthedevelopmentof the insurance sector, the protection of the industry rights andinterests,imposingfaircompetitioninthesectorandcoordinatingamonginsurersonissuesofcommoninterest.

ThemainobjectiveoftheAssociationistoprotectthesharedin-terestsandrightsofitsmembersandtoassistthemincarryingouttheirinsuranceactivities.Theirstatementabouttheirgoalsstate:“Wearecommittedtomaintaininganopendialoguebetweeninsur-ers,consumers,state institutions, thetechnology industryandthenon-governmentalorganizationsinordertoachieveindustryinnova-tiveness,developmentofactivityinafaircompetitionenvironment,increased social responsibility and enhancement of the insuranceculture.”TheAssociationalsodeems itself responsible frompre-paringmotivatedandjustifiedopinionsonthedraftlegislationreg-ulatingtheinsurancesector,coordinatingtheinternationalrelationsof theirmembers,establishingcontactsandhavingrepresentativefunctionstowardtheinternationalorganizationsandunions.Theyalsoinitiatetrainings,publiccampaignsandothersimilarinitiativesinsupportoftheirmembers’activities.

Financial Supervision Commission shares information about the insurance market

Foundedin2003,FinancialSupervisionCommission(FSC)isaninstitutionthatisindependentfromtheexecutiveauthorityandre-portsitsactivitytotheNationalAssemblyoftheRepublicofBul-garia.Theprimarymissionsoftheinstitutionaretomaintainsta-bilityandtransparencyonthemoneyandinsurancemarkets,andtoensuretheprotectionoftheinvestorsandconsumersoffinancialservices and products.Drafting and adopting regulations, issuinglicensesandpermits,supervisingmarketparticipants,andprovidingmarket-relatedandsignificantinformationcreatethemainframe-workoftheinstitution’sactivities.

AsofNovember2019,thereare35companiesoperatinginthenon-lifesegmentofBulgarianinsurancemarket.

1.2 billion USD non-life production as of November 2019

AsofNovember2019,non-lifepremiumproductionofBulgarianinsurancemarketreached1.2billionUSD.Whencomparedtothepreviousyears,weseethatnon-lifeproductionstoodat908.4mil-

14,52%

9,40%

42,87%

13,15%

20,06%

Age Structure in Bulgaria

0-14 years 15-24 years 25-34 years

55-64 years 65 years and over

4,3%

28%

67,4%

GDP, comparison by sector

Agriculture Industry Services

1.259.916.535

908.481.8891.031.954.026

957.301.914

November 2019 2018 Q3 2017 2016

Non-life premium production in years (USD)

29

lionUSDin2018Q3,1.03billionUSDattheendof2017,and957.3millionUSDat theendof2016.AsofNovember2019,shareofinsurancelinesinthenon-lifeproductionwererespective-lylistedasfollows:Motorinsuranceat72.4%,Fireandnaturalforcesandproperty12.1%Credit,suretyship,miscellaneousfinan-ciallossandlegalexpensesat5.8%,Accidentandsickness4.5%,Travelassistanceat 1.7%,andGeneral liabilityat1.7%.Top5companiesintermsofpremiumvolumewereLEVINS(167.4millionUSD),BULSTRADViennaInsuranceGroup(147.6mil-lionUSD),DZI-Generalinsurance(132.2millionUSD),Euroins(122.4millionUSD)andArmeec(116.2millionUSD).

Life premiums exceed 258.9 million USD

Lifeinsurancepremiums,ontheotherhand,exceeded258.9mil-lionUSD as of November 2019; which stood at 191.8millionUSDinthethirdquarterof2018,252.9millionUSDattheendof2017,and253.7millionUSDattheendof2016.AsofNo-vember2019,shareofinsurancelinesinthelifeproductionwererespectively listedas follows:Life insuranceandannuitiesstoodat49%,Sicknessinsuranceat22%,Unitlinkedlifeinsuranceat9%,Supplementaryinsuranceat5%,Accidentinsuranceat4%,andMarriageandbirthinsuranceat1%.

72,4%

4,5%

1,7%5,8%

1,7% 12,1%

0,8%

0,2% 0,3%

0,5%

Distribution of total non-life premiums by insurance lines, November 2019

Motor insurance

Accident and sickness

Travel assistance

Credit, suretyship, miscellaneous financial loss and legal expenses

General liability

Fire and natural forces and property

Goods in transit

Marine insurance

Railway rolling stock

Aircraft insurance

167.435.946 147.677.113 132.275.917 122.412.992 116.280.973 115.347.66391.623.758 91.225.639 90.301.862 71.939.943

13,3%11,7%

10,5% 9,7% 9,2% 9,2%7,3% 7,2% 7,2%

5,7%

LEV INS BULSTRADVienna

InsuranceGroup

DZI - Generalinsurance

Euroins Armeec OZKInsurance

BUL INS AllianzBulgaria

GeneraliInsurance

DallBogg:Zhivot Izdrave

Top 10 non-life insurance companies by premium production and market share (USD)

49%

22%

4%5%

19%

1%

Distribution of total life premiums by insurance lines, November 2019

Life insurance and annuitiesSickness insuranceAccident insuranceSupplementary insuranceUnit linked life insuranceMarriage and birth insurance

30 cultural outlook

A route to take a breath of fresh air in the spring: Muğla, Akyaka

AkyakaisasmalllittletownofoutstandingbeautylocatedintheeasterncorneroftheheavenlyGökovaBay.Arrivalofspringcanbeagoodexcusetotakeabreakinthisbeautifultownasthesunslowlybeginstoshowitswarmface.Ifyouareamongthosewishingtofindtherightplacetoblowawaythecobwebsofwinterandrunawayfromthechaosofurbanlife,Akyakaisdefinitelytherouteforyou…

Ifyouarereadyforatripwheregreentreeskissturquoisewaters,thebreezesweetlycoolstheair,andmothernatureshowsoff;youmustgotoAkyakanow.It isa townwhereyoucanembracethepeaceofsunfromApriltoSeptember,andgetawayfromthechaosofurbanlifeduringthewinter;andthereareplentyofactivitiestoengagein.Akyakaisthemeetingpointforthosewhowantsea,sandandsun,whoenjoywatersports,orwhodon’tlikenoiseandwishtohavetranquildinnersaccompaniedbypleasantlightmusic.

31

Being rather difficult to reach is probably one of thethings that make Akyaka beautiful. If you are comingfromMuğla,youcanreachAkyakaafterpassingthroughtheSakarGateway,whichisfamousforitsbendyroadsandgreatview;orafterpassingtheturnforMarmaris,ifyouarecomingfromDalaman-Köyceğiz.Ifyouthinkofgoingtherebyplane,youcanlandinDalamanairportinaboutanhouranditwilltakeaboutanhourandahalftogettoAkyakabycarorwithshuttlesfromtheairport.Alternatively,youcanuseİzmirairport,andreachAkya-kaafteraroadtripoftwoandahalfhours.Toughnotveryeasy,youcanalsochoosetogobybusorbycar.

Youwillnotforgetthesespots

EveryinchofAkyakaisbeautiful.Buttherearecertainspotsyouwillneverbeabletoforgetabout.

BeautifulcovesofGökovaKitesurfingBeach

Akyakarestaurantswhereyoucandiscover theAegeancuisine

ThefamoustrailofEucalyptustreeswhereyouwillfeelonamovieset

AkçapınarVillage,whichisfamousforitstoastandca-noes

Sedir (Cleopatra)Island,which isworld-famous for itssand

YoumustvisittheAkçapınartoastshopthatisrightaf-terthefamousEucalyptusroad,theicecreamshopthatmakesice-creamfromgoat’smilkandislocatedindown-town Akyaka, one of the restaurants along the AzmakRiverwhereyoucanhavefishandraki,Çınarbeachtohavefunaftersunset,andoneofthevillage-stylebreak-fastvenues.

AnotheroneofthesweetcharacteristicsofAkyakaisthefactthatitisnotfarfromotherlegendaryplacesintheAegeanbeaches.So,wecanaddafewsurroundingplacestoourlistofthingstoseeinAkyaka.Youcanhaveafewmini-tourstothoseyouchoosetosee:DalyanandBoatTrip, İztuzuCarettaCarettaBeach,BeyobasıYuvarlakÇay,KöyceğizEkincikBay.

32 Istanbul

Galatasaray Stadium Museum and Stadium Tour

GalatasarayStadiumMuseumandStadiumTourwillopenforfansinFebruaryFromaliteratureclasstoGrandCour,fromTaksimstadiumtoAliSamiYen,fromSporSergitoKalamışandevenCopenhagen…FromeverycornerinTur-keywherethecupswereheldandmedalswereworn,toeverycornerintheworldwhereTurkishandGalatasarayflagswereraised…

Truthswerewrittenbyhistory,historywaswrittenbyGalatasaray…(alinefromtheGalatasarayofficialsong).NowthathistoryisdisplayedatthehomeofGal-atasaray.Thisbigcommunitythathasbrokennewgroundsandachievedthebest,isfinallygettinganewmuseum.Bearingmemoriesanddocumentsofitslegends,cups,achievements,andmomentsateverycorner;GalatasarayStadiumMuseumopeneditsdoorsforthefanson1March2020,at10:00.FansthatwitnessedthevictorieswillnowwanderinGalatasarayStadiumMuseumatAliSamiYenSportsComplex,andrelivetheirmemoriesandwatchthespecialshortfilminthecinemaroom.Cupsarewaitingfortheirnewfriends,andGalatasarayMuseumforitsvisitors.

Sagalassos, Favorite Town of Roman Emper-ors is now at Yapı Kredi Museum

YapıKrediCulturalActivities,ArtsandPublishingInc.ishost-ingtheexhibition“MeanwhileintheMountains:Sagalassos”.OccupyingthreefloorsatYapıKrediCulturalCentreinBeyoğlu,the exhibition introduces visitors to theancient city ofSagal-assos, foundedon thesouthernslopesof theTaurusmountainrange,and thehistoryof the regionofPisidia.Turkey’smostcomprehensive archaeological project carried out in recentyears,“MeanwhileintheMountains:Sagalassos”istheresultofacollaborationoftheMinistryofCultureandTourism,theDirectorateGeneralforCulturalHeritageandMuseumsandKULeuvenUniversity,Belgium,andtheirsupportoftheSagalassosArchaeologicalResearchProject.Displaying368objectsfromBurdurArchaeologyMuseum,theexhibitionisopentovisitorsatYapıKredi Cultural Centre 27November 2019 – 28May2020.Oneofthebest-preservedancientcitiesoftheMediterra-nean,SagalassosisincludedintheTentativeListofUNESCOWorldHeritageSites.

FromStatuesofGodsandGoddessestoMammothBones…

The exhibition, “Meanwhile in the Mountains: Sagalassos”,containsmanyanddivergenthistoricalobjects:frommammothbonesfromtheBurdurregionprovingthattheylivedinprehis-toricalAnatolia,tothemassivestatuesoftheRomanemperorsMarcusAureliusandHadrian.Objectsliketheterracottafigu-rinesofgods,goddessesandheroes reflectingbelief rituals,astatuetteofAlexandertheGreat,stonetools,decorativeitems,cookingandfoodvesselsfromSagalassosandtheregionofPis-

idiafromdifferentperiods,shedalightonthepastandthedailyandsociallifeoftheresidentsofancientSagalassosandthesecanbeviewedinchronologicalandthematicsectionscoveringthreefloorsattheYapıKrediCulturalCentre.

VisitorsWillBeWelcomedbyRome’sLastGoodEmperor

Attheentranceofthemuseumvisitorswillbereceivedbythestatueof emperorMarcusAurelius thatwasunearthedat theRomanBathsatSagalassos.Originallyapproximatelyfiveme-tershighandcarvedinwhitemarble;thehead,armsandlegsaredisplayedattheexhibition.TherestorationoftheAntoninFountainatSagalassos,whichwasbuiltinthereignofMarcusAurelius,wascompletedin2010.TheheadofEmperorHadrian,whonamedSagalassosasPisidia’s‘firstcity’,canalsobeseenattheexhibition.TheemperorsHadrianandMarcusAureliusareamongRome’sFiveGoodemperors.

Woman at Point Zero

Theplay“WomanatPointZero”willmeetwiththeaudienceatCaddebostanCultureCenter,SaloonA,onMarch29.

Canapersonbeborntwice?

Cansheovercomeallthepowerscontrollingherlife,body,andselftocreateanewbody,anewlifeforherself;goingevenbe-yondthatself?BasedonNawalElSaadawi’smeetingwithafemaleprisonerinQanatirPrison-onavisitingday-andwitnessingthelastmo-mentsofherlife,Firdaus’sstoryisnowbeingopenedtotheau-dienceonatheaterstage.

Itisalifestory,transferredtotheonlyplaceitcanstay.Astorytransferredtoaperson’smemory,justonestepbeforethefinale,justbeforegoingto“theplacewherenobodyknows”…Firdausislookingtofindherwayinadesertwhereshesuddenlyfalls fromthesky,oremerges fromseven levelsunderground.Thisdesertiscloseenoughtous…

“I am speaking the truth nowwithout any difficulty. For thetruthisalwayseasyandsimple.Andinitssimplicityliesasavagepower.Ionlyarrivedatthesavage,primitivetruthsoflifeafteryearsofstruggle.Foritisonlyveryrarelythatpeoplecanarriveatthesimple,butawesomeandpowerfultruthsoflifeafteronlyafewyears.”

33

You could have heard about Angelo Grande, restaurant baropenedatwhereusedtobetheHudson,duetoitsentertainmentupstairs.Becomingfamousunderthename‘DiscoGrande’,thisspaceemitsenergeticrhythmsthatfittheenergyofitsdistrictonThursday,FridayandSaturdaynights.Ontheotherhand,AngeloGrande isabistro-style restaurantwhichcanbepre-ferred for everymeal-timeduring the day.The restaurant ismanagedbytheteamofSpiaggeGrandeinAlaçatı.

Themenuofferspastas,tacos,noodles,pizzas,saladsandmaincourses.Salmonbowlisespeciallyamongthefavorites.Includ-ingbroccoli,asparagus,cauliflower,andMexicanbeans;thisbowlcanbeorderedwithchickenorredmeat.Corianderandlime enriches the flavor of avocado, catching a detail in thebowlthatsurprisesyourpalate.Itisahigh-proteinandhealthyoptionthatissuitableforthedietsoffootballplayersthatfre-quentthevenueandthosewhorunalongtheshoreline.

Address:Arnavutköy,BebekArnavutköyCdNo:91,Beşiktaşİstanbul34353

34 gourmet corner

Angelo Grande Cantinery at the Square

CemMirap,founderoftheLuccainBebekandCantineryatZorluCenter, openedhis latest restaurant inEmaarShop-pingMallinÜsküdar.ThisactionhasaddedanewvenuetothedevelopinggastronomystageoftheAnatolianside.Thisplacehasahygienicandfreshatmospherethatweareusedtoseeingathealthy-eatingrestaurants.Decorationisdominatedbylightcolorsanddynamiclightingthatdoesnottirevisitors.The menu focuses on mainstream choices such as burger,pizzaandpastathatareinthecenterofshoppingmallfoodculture. But ingredients and presentations bring those fla-vorstomorerefinedlevels.Theyhavefocusedondevelopinginnovativeanddeliciousflavorsratherthanbecomingstrik-ingandremarkablewhileexploringgastronomicinventions.Forinstance,celerycarpacciohasacatchyflavor.Smokedceleryarethinlyslicedincarpacciostyle;andflavoredwithroasted hazelnuts, grapefruit and sumac extract. Softnessandslicknessofthecelerydelightyouwhilechewing.Nearlyfluidtextureofthehummusissuccessful,andmeltsonyourtonguewiththeflavorleftbythehotpowderedpaprikaoil.Youcaneatitbydippingthepitapiecesservedalongside.Ofthepizzas,werecommendthegardenpestopizza,which ispreparedusingartichokeheartsandbasilpesto.Fishschnit-zelwasanotherflavorthatcaughtoureyewithitsaiolisauce.Cheesecakewithgummasticwasourfinale,butrecommendyoutotakealookatthedessertdisplayoftheCoffeeBar,whichisalsoapartofCantineryandconnectedtoitwithabackcorridor.

Address:Ünalan,LibadiyeCdNo:88,ÜsküdarIstanbul34700

Donotbepuzzledwhenyougotothisplace.Youcanencoun-terSubHotelinKaraköy.Butyouwillalsonotice“Foxy”onasmallsignboard.TheentranceofthehotelturnsintoFoxyatnights.Ithasamixedconceptofarestaurantandabar,adoptingthemottoofrealandlocal.FoundingmembersLev-onBağışandMaksutAşkar,whoarealsowineexperts,givethehintsaboutthecharacterofthisvenue.Youautomaticallydreamaboutanambienceandkitchenthatwillattractİstan-buliteswithsophisticatedtastes;andyoufaceahappycrowdastheyseizedtheirseatsearlyduetothenoreservationspol-icy.This isanatmospherewhere famouscolumnists,maga-zineeditors,actorsandchefschatandeatwiththeirfriends.Couplesandsmallgroupsmaysharethebigtablewithpeopletheydonotknow.Tablesareroundandplacedclosetoeachother, therefore youget the feelingof sharing your eveningwhilesocializing.

The menu consist of appetizers, and names of some selec-tionsrefer to thechefsandplacesof İstanbul’sgastronomystage;suchasthe ‘lazyappetizerofApartiman’.Marinatedseabassandmandarinsauce is lightanddelicious. ‘İnanç’sliverwithpekmez’whichisatributetoChefİnançÇelengil,issoftandleavesanicefeelingonyourpalate.Friedcauliflowerandpomegranatesyruphaveasuccessfulharmony.Creatinganight-clubatmosphere,Foxywilladdresspeoplefromintel-lectual,sophisticatedandcuriousenvironmentswholiketobewithotherpeople.

Address:Hacımimi,NecatibeyCd.No:91,BeyoğluIstanbul34425

35

FoxyConstructedinÇengelköyinthe19thcenturyasawarehouse,the building was transformed into a spirit factory when achimneywasaddedinthebeginningofthe20thcentury.Thishistoricalbuildingnowwelcomesyouasarestaurant.Asyoustepdownthestairsaftergreetingthestaff,youstarttobeinfluencedbytheatmosphere.First,youreachawidespacewithabarandasmalllive-musicstage.Behindit,youseetheimpressiveroomoftherestaurant.Ifyouaresittingonthewindow-side,youwilldefinitelyenjoyaneveningbythesea.

While you are under the influence of this place seeing theentireBosporus,youreceivethemenus.Cicchettisectionin-cludesappetizerssuchasduckarancini&blacktruffleaioli.Ingredientsofsaladsareseasonalandfresh.Bakedpears&gorgonzolaisanoptionwerecommend.Youunderstandthecharacteristicsoftherestaurantassoonasyouseethechinaused to serve themeals. The owners preferred an aesthet-icapproachthatgivestheconfidenceofclassicsandopensspace for contemporary details. Smell of the potatoes &ricottaraviolithatisservedinawarmplateistheharbingerofitstaste.Servedasasinglebigpiece,ravioliisservedonsautéedbabyspinach;anddefinitelyleavesamarkonyourpalate.ThemenuwaspreparedbyChefTongarFıratandin-cludeshome-madepastaselectionsanddeliciouspizzas.Youcanfinalizeyourmealwitha tiramisu flavoredwithcrispycacaocrumbs.Butwhenyoufinish,youwillnotwanttoleavethisplace. If youare livingon theEuropeanside, youcanbenefitfromtheexclusiveboatservice.

Address:Çengelköy Mahallesi, Kuleli Caddesi No:45/1,Çengelköyİstanbul

Osteria Salvatore

36 publications

How to Win Friends and Influence PeopleBy(author):DaleCarnegiePublisher:SIMON&SCHUSTERSinceitsinitialpublicationeightyyearsago,HowtoWinFriends&InfluencePeoplehassoldoverfifteenmillioncopiesworldwide.Inhisbook,Carnegieexplainsthatsuccesscomesfromtheabilitytocommunicateeffectivelywithothers.Heprovidesrelatableanalogiesandexamples,andteachesyouskillstomakepeoplewanttobeinyourcompany,seethingsyourway,andfeelwonderfulaboutit.Formorethaneightyyearshisadvicehashelpedthousandsofsuccessfulpeopleintheirbusinessandpersonallives.

Sapiens : A Brief History of HumankindBy(author):YuvalNoahHarariPublisher:VintagePublishing

Whatmakesusbrilliant?Whatmakesusdeadly?WhatmakesusSapiens?Thisbestsellinghistorychallengeseverythingweknowaboutbeinghuman.Earthis4.5billionyearsold.Injustafractionofthattime,onespeciesamongcountlessothershasconqueredit:us.

Inthisboldandprovocativebook,YuvalNoahHarariexploreswhoweare,howwegothereandwherewe’regoing.‘IwouldrecommendSapienstoanyonewho’sinterestedinthehistoryandfutureofourspecies’BillGates

‘Interestingandprovocative...Itgivesyouasenseofhowbrieflywe’vebeenonthisEarth’BarackObama

Yes No Maybe SoBy(author):BeckyAlbertalli,By(author):AishaSaeedPublisher:Simon&SchusterLtdFromNewYorkTimesbestsellingauthorsBeckyAlbertalliandAishaSaeedcomesaheart-warming,hilariousstoryaboutthepowerofloveandresistance.

JamieGoldbergiscoolwithvolunteeringforhislocalstatecandidate-aslongashe’sbehindthescenes.There’snowayhe’deverknockondoorstoaskpeoplefortheirvotes...untilhemeetsMaya.

MayaRehman’shavingtheworstRamadanever.Herbestfriendistoobusytohangout,hersummertripiscancelled,herparentsareseparatingandnowhermotherthinksthesolutiontoherproblemsispoliticalcanvassing-withsomeawkwardguyshehardlyknows...

Goingdoortodoorisn’texactlyglamorous,butmaybeit’snottheworstthingintheworld.Afterall,thepollsaregettingcloser-andsoareMayaandJamie.Masteringlocalactivismisonething.Navigatingthecross-culturalcrushofthecen-turyisanotherthingentirely.