TURKEY: The state established Turk Re, the national reinsurer

3 October 2019 — Cosmin CONCEATU
The State Treasury and Finance Ministry of Turkey have announced the establishment of "Turk Re" as the national reinsurer, as a part of country's new program of economy revitalization.

The main purpose of the newly founded company, according to the government, is to support the local insurers, by offering a wider palette of reinsurable risks, including NatCat perils. Turk Re will also come to help The Turkish Natural Catastrophe Insurance Pool (DASK) through earthquake risk modeling.

Turk Re mentioned that more than 80% of reinsurance premiums are leaving the country through foreign and private reinsurers, a volume estimated at TRY 8 billion (~ EUR 1.3 billion) annualy. Because the sole shareholder of Turk Re is the Turkish state, the reinsurance premiums ceded to the company will remain inside the country.

Selva EREN was chose as the head of Turk Re. She promises that the company will bring "a breath of fresh air" in the home insurance market. Before her appointment as the head of Turk Re, EREN worked inside Renaissance, a Turkish insurance - reinsurance broker, as Managing Director. 

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