According to official statistics published by The Turkish Statistical Institute, at the end of 2018 there were 22,865,921 road motor vehicles registered in Turkish territory, an increase of 646,976 units (a +2.91% change) from 2017.
A stagflation scenario is a highly probable in Turkey and the non-life insurance market will be impacted. On the other side, due to inflation and higher interest rates, insurers will also see higher investment income, Yilmaz YILDIZ, CEO of Zurich Insurance Turkey told the World Finance quarterly.
Bupa, the international healthcare company, announces it has completed the acquisition of Acıbadem Sigorta, Turkey's second largest health insurer.
The Turkish Ministry of Treasury and Finance has extended for another year the ceiling on MTPL tarrifs.
The Turkish insurance market ended 3Q2018 with GWP worth TRY 39.5 billion, 18.16% up y-o-y. Yet, the dramatic depreciation of the Turkish Lira against Euro has affected once again the market results denominated in European currency, translating them in a double digit negative change.
Turkey's insurance market will see soon a new reinsurance pool being formed, according to the provisions of the New Economic Plan (YEP) aiming to ease access of the so called "risky enterprises" to insurance programs.