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Allianz Annual Report 2012

Magazine for the Annual Report 2012 5 “People are getting used to rising prosperity, and to having their money keep its value better,” says 40-year old Alp Gül, whose insurance agency in Istanbul is one of Allianz’s most successful in Turkey. Many Turks suffered for three decades from serious inflation that began in the early 1970s and only eased at the beginning of the millennium. But the econ- omy has been on the up for nearly a decade now – with gross domestic product tripling during this period and living standards rising fast. The population is growing steadily too, with the flight from rural areas causing rapid growth in large cities. More than 14 million people already live in the Istanbul metropolitan area. Along with the booming economy, this explains why the city is a very attractive business location. The former capital’s middle class, in particular, is growing con­siderably. And they want to safeguard their new standard of living. In addition to property, health and life insurance, Gül’s clients also want car insurance. Many of his clients opt for the products he offers because they are familiar with the Allianz brand. “We’re benefiting from the fact that Allianz has been in Turkey for many years now,” the agent says. “We also get a lot of clients who come to us because they remem- ber Allianz from the days when they were working in Germany. They got to know Allianz there as a symbol of quality.” That good reputation is very valuable – it has enabled Allianz to rise above its competitors in the Turkish market, where price competition is tough and has become even tougher over the last two to three years. “Allianz is taking a long-term view with its pricing and underwriting policy to grow profitably and sustainably. And I’ve been finding it ­easier and easier to explain to clients what real benefits that brings them,” says Gül, who works closely with Allianz Sigorta A.S., the sub- sidiary in Turkey. One of those benefits is fast, reliable claims adjust- ment when things get really serious.  99 Group Management Report / Turkey “ First someone will take out liability insurance and comprehensive coverage for their car. If they are satisfied with that, they come back to us for health ­insurance or are interested in providing for retirement” Alp Gül, owner of an Allianz agency in Istanbul, Turkey 4.0 %  12.6 % 21.3 % 16.7 % 2008 2009 2010 2011 2012 10.2 10.6 11.9 14.5 16.92 year BN TRY CAGR 2008 – 2012 increase1 13.4 % GROSS PREMIUMS WRITTEN NON-LIFE TURKEY (TOTAL) 1 Compared to previous year 2 Estimation Source Insurance Association of Turkey