General information - Eureko Sigorta
General information - Eureko Sigorta
General information - Eureko Sigorta
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Gross and net loss ratios are shown in the following tables by lines of business compared on a year-on-year basis.<br />
Loss Ratio; gross<br />
Financial Losses<br />
Fire and Natural Forces<br />
<strong>General</strong> losses<br />
Marine<br />
Water vehicles<br />
Land Vehicles Liability<br />
Land Vehicles<br />
<strong>General</strong> Liability<br />
Accident<br />
Air Vehicles<br />
Air vehicles liability<br />
Credit<br />
Legal Protection<br />
Sickness / Health<br />
The company has adequate resources to meet any losses that may arise out of its existing liabilities and potential<br />
risks. The shareholder's equity shows an increase of 44% as at the end of 2008, thus reaching an amount of TRY<br />
203.3 Million.<br />
6. Details about Risk Management Policies Implemented as per Types of Risks<br />
Main risk groups to which our company is exposed are insurance risks and financial risks.<br />
(a) Insurance Risk<br />
2008 2007<br />
64.7%<br />
-31.8%<br />
23.6%<br />
62.5%<br />
41.5%<br />
10.9%<br />
61.6%<br />
89.1%<br />
29.7%<br />
5.8%<br />
1230.6%<br />
1030.4%<br />
37.7%<br />
0.0%<br />
88.3%<br />
71.7%<br />
168.2%<br />
37.9%<br />
80.9%<br />
101.6%<br />
3.4%<br />
65.7%<br />
80.5%<br />
19.7%<br />
8.2%<br />
280.6%<br />
1674.1%<br />
91.2%<br />
0.0%<br />
80.0%<br />
A risk related to a certain insurance contract is the possibility of occurrence of an insured event and uncertainty in<br />
the amount of the loss occurring thereupon. This risk is probable and unpredictable due to the nature of the risk.<br />
Insurance is a means that allows transfers of sudden and unexpected risks within a risk management philosophy.<br />
The most important stages of such a risk management philosophy are:<br />
• Description of probable risks,<br />
• Assessments of such risks in accordance with risk acceptance criteria,<br />
• Determination of premiums and policy terms and conditions.<br />
Loss Ratio; net<br />
Financial Losses<br />
Fire and Natural Forces<br />
<strong>General</strong> losses<br />
Marine<br />
Water vehicles<br />
Land Vehicles Liability<br />
Land Vehicles<br />
<strong>General</strong> Liability<br />
Accident<br />
Air Vehicles<br />
Air vehicles liability<br />
Credit<br />
Legal Protection<br />
Sickness / Health<br />
2008 ANNUAL REPORT<br />
2008 2007<br />
52.5%<br />
-18.9%<br />
31.0%<br />
57.0%<br />
68.9%<br />
131.1%<br />
75.2%<br />
87.2%<br />
32.8%<br />
4.4%<br />
0.0%<br />
0.0%<br />
35.1%<br />
0.0%<br />
9.9%<br />
55.8%<br />
-94.7%<br />
56.1%<br />
62.1%<br />
48.8%<br />
62.4%<br />
81.6%<br />
83.2%<br />
23.1%<br />
5.2%<br />
0.0%<br />
0.0%<br />
75.5%<br />
0.0%<br />
0.2%<br />
Note: Including expenditures for deferred commissions Note: Including expenditures for deferred commissions<br />
and income for deferred commissions.<br />
All these above stages rely on “underwriting” operations. Underwriters who work in technical departments underwrite<br />
risks in accordance with reinsurance treaties and underwriting regulations. They are described as types of risks<br />
declined in view of the scope of activities undertaken, and risks accepted within the consent of the general manager.<br />
107
Change language