The quarterly figures from the Turkey Insurance Association revealed that the local insurance market reached TRY 14.6 billion (EUR 3 billion) at the end of March 2018, up by 17.6% y-o-y.
Turkish operational leasing company BORLEASE Otomotiv acquired MAGDEBURGER Sigorta, a non-life small insurer owned by two local units of German group ALLIANZ: the non-life unit ALLIANZ Sigorta (80%) and the life and pension company ALLIANZ Yasam ve Emeklilik (20%).
The Turkish Catastrophe Insurance Pool (TCIP) is updating earthquake maps, the outcome of which will affect compulsory earthquake insurance tariffs, says the organisation's president Mr Murat Kayaci.
Turkish Post and Telegraph Organization (PTT) and Italian insurer Generali will form an insurance company that will also offer individual pension plans.
Total insurance premiums in Turkey reached TRY 46.5 billion (EUR 10.3 billion) in 2017, 15% up y-o-y, according to data from the Turkey Insurance Association (TSB). Due the depreciation of Turkish lira against Euro by about 20%, the nominal change in European currency was negative (-5.5%).
HOWDEN, part of HYPERION Insurance Group, announced that it has entered into an agreement to acquire a majority stake in Turkey largest independent re/insurance broker ACP from private equity fund MEDITERRA CAPITAL and existing management shareholders.
The insurance sector has provided employment to 19,901 people in 2017, an increase of 1.2% over 2016, according to figures announced by Turkey Insurance Association (TSB).
The Insurance Association of Turkey (TSB) has announced for the first time data related to takaful or participation insurance, showing that total contributions generated in the segment amounted to TRY109.47 million (US$28.8 million) for January 2018.
The Insurance Association of Turkey (TSB) will take a holistic approach towards resolving problems faced in motor insurance, says the association's Secretary General Mehmet Akif Eroglu. Measures will be taken this year so that in 2019, a new page will turn over in the sector, he adds.
A unit of Malaysia's sovereign wealth fund plans to sell its Turkish health insurance business to focus on its home market, reported Bloomberg citing three people with knowledge of the matter.
Turkey retains its attractiveness to foreign investors in the insurance sector because of energy, infrastructure and other new projects undertaken or planned in line with the government's 2023 Vision, says Mr Maximilian Stahl, CEO of Istanbul-based VHV Reassurance. The 2023 Vision seeks to establish Turkey as one of the world's top economies by 2023 which will be the centenary of the proclamation of the Republic of Turkey in 1923.
Changes in general conditions are needed for building completion insurance to take off in Turkey, according to an executive at reinsurance broker JLT Turkey.
Traffic insurance activities of almost the entire Turkish insurance industry have been subject to two examinations of the Turkish Competition Authority ("TCA") in 2017.
German insurer TALANX annoucend it has agreed to acquire 99.4% of the shares in LIBERTY Sigorta - the Turkish non-life subsidiary of US-based LIBERTY MUTUAL Group.
During 3Q 2017, Turkish insurers reported aggregate GWP worth TRY 33.43 billion (EUR 7.96 billion), a nominal growth rate of 14.76%, according to the quarterly statistics published by the Association of Insurance and Reinsurance Companies of Turkey.