13 th Advisory Board Meeting of NART Insurance and Reinsurance Inc. has completed 27 th of Jully 2015
“NART will become number one local actor in Turkey and region “
NART Sigorta ve Reasürans Brokerliği’s annual Advisory Board meeting was held few days ago under the chairmanship of Mr. Yavuz Canevi at İstanbul The Ritz – Cartlon Hotel with participation of many members from Turkey and abroad.
At the meeting where the opening speech was made by NART Sigorta ve Reasürans Brokerliği Chairman of the Executive Board and CEO Levent Nart, Presidency Chief Economist Mr. Durmuş Yılmaz made a presentation titled as “To Where and How after the Transition to the Strong Economy Program” and explained Turkey’s economy’s current status following the crisis.
Levent Nart, during the meeting also announced the two new members who joined NART Advisory Board. Mr. Nart said that Duravit Executive Board member Mr. Müfit Ülke and AVM MFI Partners Executive Board Chairman Mr. Aydın Yurdum would be at NART Advisory Board. At NART Advisory Board there 19 members and some of those members are chairmen and CEOs of important global and local market holdings and organizations.
After introducing the new members to the meeting’s participant Mr. Levent Nart compared global and Turkey’s data for years 2013-2014 and expressed his predictions for the future of insurance sector. Mr. Levent Nart emphasized that, in the year 2013 world insurance sector premium increase was 2.9 percent, however this figure was 8.8 percent at Developing Countries. Mr. Nart continued his speech with the following remarks: “Turkey is at important position among Developing Countries. In 2013 in Turkey premium production was at 1.6 percent real premium increase level.
Turkey, in regard with the insurance sector, is an attractive market for many foreign investors. Foreign investors are buying attractive insurance companies by paying substantial amounts of payment. The reason of those foreign investors’ purchases is the ratio of the country’s GDP to the country’s premium ratio. When premium volume is divided to GDP, this ratio is 6.5 percent at Developed Countries; 2.7 percent at Developing Countries. In Turkey this ratio is only 1.4 percent. Therefore, there is a large gap here. The second criterion is per capita premium volume. With 146 dollars Turkey is far behind the world’s average of 656 dollars. Therefore, in Turkey purchases, incorporations are still going on.”
Levent Nart, shared the following growth information about NART Sigorta ve Reasürans Brokerliği with the participants: “Our profitability increased around 51 percent in 2013. Our goal is to be number one local actor both in Turkey and in the region and to preserve our position. We want to become market leader at niche areas and introduce new products to the market.”