Turkey for Growing Private Pensions scheme has more room to expand

   Turkey for Growing private pensions scheme

Participation in Turkey's Private Pensions scheme has risen over the first four months of 2014, compared to the same period last year, according to data from MetLife Turkey. Mr Deniz Yurtseven, general manager of MetLife Turkey, said that the amount of funds of participants increased to nearly TRY30 billion (US$14.2 billion) at the end of April from TRY26.3 billion a year ago, reported Turkish Press. Turkey’s private pensions scheme was launched in October 2003. In recent years, the sector has attracted several foreign players. At present, under the private pensions scheme, the government contributes 25% of the pension to participants every month. "Turkey’s private pensions system has huge potential," said Mr Yurtseven. "The 25% state contribution will continue for the remainder of this year, and the system will grow steadily." The total number of participants in the private pensions scheme reached 4,520,515 as at 9 May this year. However, experts say that this reflects very limited participation in the system in a country of 76.5 million people. At present, most private pension fund firms are owned wholly or partly by foreign insurance groups, such as Groupama, ING, Aegon, Ergo Isviçre, MetLife and Avivasa. There were 18 private pension fund companies in the country as at 9 May. However, in terms of assets under management, the leading company is Turkish-owned Anadolu Hayat Emeklilik with TRY5.6 billion, followed by Avivasa with TRY5.4 billion. Nearly a third of pension policy holders in the system are residents of Istanbul which is the country's economic, cultural, and historical heart. Istanbul is followed by capital Ankara with 9.3%, Izmir with 7.6% and Antalya with 4.4%. A vast majority, or nearly 84%, of all pension plan participants in Turkey have a university degree. Nearly 35% of the private pension subscribers are between the ages of 25 and 34.

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Unlocking the doors to success in Sudan

Unlocking the doors to success in Sudan

Sudan’s Takaful industry is endeavouring to overcome the country’s economic and political challenges by responding innovatively to the community’s needs, while preserving the ethical values of takaful. By Osama Noor Takaful in Sudan continues to be the most genuine and acceptable Islamic insurance experience which is consistent with Shariah principles, said Mr Salah Eldeen Musa Mohamed, Managing Director of Shiekan Insurance and Reinsurance Co. “Total contributions have shown double-digit growth in the past three years and surpluses have been rewarding as well. This shows that takaful is a successful business model without jeopardising the ethical values of solidarity and cooperation.” In 2012, gross contributions grew by around 40% to about SDG1.3 billion (US$229 million) from SDG900 million in the preceding year. General lines account for about 96% of the market, with motor leading at around 40%. Operators have been actively tapping into new segments and innovating products, thereby helping to expand the market. However, inflation and the devaluation of the Sudanese pound have amplified the size of premiums in the past couple of years, said Mr Mohamed Abdin Babiker, General Manager of United Insurance Co (UIC). “The prices of various properties have been re-evaluated and rates have been adjusted to reflect the increase. This is especially for properties which have foreign materials because the pound has dropped against hard currencies.”

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Traveling employee slipped on dance floor wins Maryland for comp appeal

Traveling employee slipped on dance floor wins Maryland for comp appeal

A traveling employee insurance who slipped while dancing at a nightclub and injured his pelvis should receive workers compensation benefits, the Maryland Court of Special Appeals has ruled. Court records show Dallas E. Gravette worked as an audio visual technician for Visual Aids Electronics Corp., which provides audiovisual rental and staging services to hotels, resorts and convention and conference facilities. The Germantown, Maryland-based company asked Mr. Gravette to travel from his home in Idaho to the Gaylord National Resort and Convention Center in National Harbor, Maryland for work in July 2011. He was injured around midnight on July 10 when he slipped and fell while dancing at the Pose Ultra Lounge & Nightclub located on the premises of the resort, records show. There was no indication that Mr. Gravette was intoxicated at that time.  Insurance The Maryland Workers’ Compensation Commission and the Prince George’s County, Maryland Circuit Court rejected Mr. Gravette’s request for workers comp benefits. A trial judge for the circuit court found that, unlike eating and bathing, dancing at a nightclub wasn’t “reasonably incidental to the travel required by the employer,” according to records. A three-judge panel of the Maryland Special Court of Appeals unanimously reversed that ruling Tuesday. They noted similar cases in which injuries suffered during “reasonable and foreseeable” recreational activities were deemed compensable. Because Mr. Gravette’s dancing took place on the premises of his hotel, and it was not considered to be dangerous or out of the ordinary, the appeals court ruled he’s entitled to benefits. The lower court’s judgment was reversed, and the case was remanded to the Maryland Workers’ Compensation Commission.

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