Özet:

Insurance companies continue to operate as protectors against financial and economic risks. Insurance companies are also faced with a variety of risks while providing protection against such risks. Such risks manifest themselves as insurance-specific insurance and financial risks. Financial risks are among the risks that insurance companies are highly exposed to. Exposure to financial risks has also revealed the need for optimal capital arrangements. Capital regulations, technical remunerations are not sufficient if insurance companies are exposed to risk. In the 1970s, a number of rules and regulations were introduced in the European Union’s single insurance market. The first of these regulations came into force for the Member States as Solvency I until 2004. As a result of the failure to establish a risk-based capital standard for Solvency I insurance companies, Solvency II (Compliance Admissibility) standards have begun to be discussed. The main principle of Solvency II is to make a risk-based target capital calculation. Solvency II is the risk-based capital qualification regulation of insurance companies. The risk-based approach ensures that the insurance management is determining the capital that it needs the most accurately. In the European insurance market, the target capital is calculated according to the Solvency II system, but this system has not yet been implemented in Turkey. In this study, the risk measurements and capital requirements of six insurance companies operating in Borsa Istanbul were calculated according to Solvency II. The interest rates of insurance companies, the share rate, real estate, credit, exchange positions are based on calculations. The achieved results provide the target capital amounts that insurance companies must hold on the basis of market risk. The target capital amount obtained by Solvency II method is compared to the amount made according to the current capital qualification calculations. The risk-based amount of capital calculated was higher. The inclusion of market risks in the target capital calculations increases capital obligations as a balance. Market risk-based target capital amounts the encounter of insurance companies can identify and prevent the potential liquidity and bankruptcy problem.