Aon Benfield calls on Turkish insurers to adopt Solvency II

Turkey’s insurance industry
should seriously consider adopting the Solvency II regulatory
regime due to come into force in the European Union in 2013. This
is the view of Aon Benfield, the reinsurance broking unit of Aon
Corporation.

“The Turkish insurance
industry is in a high growth phase, so there is extra pressure to
assess its risks in the most effective way,” said Marc Beckers,
head of Aon Benfield Analytics for Europe, Middle East &
Africa.

He added: “Solvency II is the
next step in achieving this.”

Beckers was speaking at a
conference on Solvency II recently hosted by Aon Benfield in
Istanbul, Turkey and attended by delegates from more than 40
insurers.

Turkish insurers are
currently regulated by Solvency I, which is more than 40-years-old
and, noted Aon Benfield, the Turkish regulator is keen for the
country’s insurers and reinsurers to adopt Solvency II.

Only 10 Turkish insurers
participated in the Committee of European Insurance and
Occupational Pensions Supervisors’ (CEIOPS) fourth Solvency II
Quantitative Impact Study (QIS) which ran from August to November
2010.

However, Aon Benfield noted
that most Turkish insurers are planning to participate in CEIOPS’
fifth QIS.

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