STATISTICS:

Turkey

Location:
Southeastern Europe and Southwestern Asia (that portion of Turkey west of the Bosporus is geographically part of Europe), bordering the Black Sea, between Bulgaria and Georgia, and bordering the Aegean Sea and the Mediterranean Sea, between Greece and Syria


Climate:

temperate; hot, dry summers with mild, wet winters; harsher in interior

Natural hazards:
severe earthquakes, especially in northern Turkey, along an arc extending from the Sea of Marmara to Lake Van

Currency: Turkish lira (TRY)
1 EUR = 3.7166 Turkish lira - TRY (December 31st, 2016)
1 EUR = 3.1896 Turkish lira - TRY (December 31st, 2015)
1 EUR = 2.8323 Turkish lira - TRY (December 31st, 2014)
1 EUR = 2.9397 Turkish lira - TRY (December 31st, 2013)
1 EUR = 2.3565 Turkish lira - TRY (December 31st, 2012)
1 EUR = 2.4556 Turkish lira - TRY (December 31st, 2011)
1 EUR = 2.0650 Turkish lira - TRY (December 31st, 2010)

Sources:
Association of Insurance and Reinsurance Companies of Turkey
Central Bank of the Republic of Turkey

Insurance statistics

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2010
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2009Turkish insurance market overview pdf
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1H2017 Market portfolio

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TURKEY: Aktif Bank starts to operate in Islamic Leasing

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), Aktif Yatirim Bankasi A.S. (Aktif Bank), the largest privately-owned Investment Bank in Turkey and Ijara Management Company (IMC), a specialized company offering comprehensive solutions for new and existing Islamic leasing (Ijara) companies; signed a Shareholders Agreement on 1 September 2016 to collaborate as the new shareholders of Halic Finansal Kiralama A.S. (Halic Leasing), a financial leasing company that was established since 2004.

The motor lines generate almost 50% of the insurance industry's GWP in Turkey

Today kicked off in Istanbul the 8th Edition of the International Istanbul Insurance Conference, which focuses on the topic of digital insurance market. "We decided to continue with the organization of this traditional event, despite passing through a difficult situation in Turkey. We believe in our country", Menekse UCAROGLU, President of IUC, stated in the opening of the event which is hosted by MILLI Re. 

Enterprise processes, to be changed by Blockchain technologies

Blockchain technology will allow for a change of enterprise processes - from manual ones to digital, according to the Assistance Vice President of PCS, Tom JOHANSMEYER, who spoke during the 8th edition of the International Istanbul Insurance Conference. Commercial insurers still suffer from the fact that paper-based workflow logic underlies automation. 

TURKEY: Moody's downgrade Allianz Sigorta's IFSR by one notch to Baa2, stable outlook

Moody's Investors Service has today downgraded the insurance financial strength rating (IFSR) to Baa2 from Baa1 of Allianz Sigorta AS ("Allianz Turkey"), the main Turkish subsidiary of Allianz SE (Aa3 IFSR, stable). The outlook on Allianz Turkey is stable in line with the outlook on the Turkish sovereign. This concludes the review for downgrade initiated on 19 July 2016. Moody's has also affirmed the Aaa.tr National Scale insurance financial strength rating (NSR) on Allianz Turkey.

TURKEY: takaful insurance sector expected to further develop fuelled by the participation banking growth

"The issuance of new participation banking* licenses and its resultant increase in participation banking market share would spur the growth in the takaful sector in Turkey, as these banks serve as one of the most important distribution channels of the takaful sector," Ramazan Ulger, President, Insurance Association of Turkey stated at a recent professional event organized in Istanbul by The Islamic Financial Services Board (IFSB), The World Bank Group (WBG) and the Undersecretariat of Treasury of the Republic of Turkey.