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TURKEY: new standardized calculation method introduced for the MTPL claims starting 1 April
As of 1 April, new provisions introduced in the general rules related to compulsory MTPL will take effect, providing for standardized criteria for the compensations calculation, a recent press release of the Insurance Association of Turkey (TSB) has announced.
25 March 2020Fitch Ratings affirms Russia, Kazakhstan, Georgia, Turkey, Bulgaria and Hungary
During February 2020, Fitch Ratings, the leading provider of credit ratings, affirmed the ratings of Russia ('BBB'), Kazakhstan ('BBB'), Georgia ('BB'), Turkey ('BB-'), Bulgaria ('BBB') and Hungary ('BBB').
3 March 2020Turkey Wealth Fund to buy GROUPAMA's 10% stake in GUNES Sigorta
Turkey's sovereign wealth fund announced its TVF Finansal Yatirimlar unit had agreed to purchase France-based Groupama Holding SA's 10% stake in Turkish insurer GUNES Sigorta, Reuters reported, quoting a statement from the sovereign wealth fund. No further details including financial terms of the transaction were available.
13 February 2020STATISTICS: TURKEY, FY2019: Local market sees double-digit growth at the end of the year
The Turkish insurance industry totaled TRY 69.24 billion (EUR 10.37 billion) in premiums in 2019, according to data released by the Turkey Insurance Association (TSB). The figure represents a nominal increase in local currency of 26.69% over 2018, while the same indicator calculated in European currency was 14.90% due the deprecietion of Turkish Lira against Euro.
6 February 2020TURKEY: Official estimates significant insured claims after 24 January earthquake
The 6.8-magnitude earthquake that hitted eastern Turkey on 24 January can generate losses for insurers, mentioning that about one third (35%) of houses localised in the affected province (Elazig) had been insured, informed Middle East Insurance Review quoting local officials
5 February 2020STATISTICS: SEE, 3Q2019: regional market expanded more than a quarter in Q3 2019 to EUR 11.5 billion
At the end of 3Q2019, the SEE insurance market (inclusing Cyprus, Greece and Turkey) totaled about EUR 11.5 billion in GWP, 26.44% more y-o-y, according to preliminary figures centralized by XPRIMM.
23 January 2020Didem Ozsoy Dirican appointed CEO of NN Turkey
As of 1 February 2020, Didem Ozsoy DIRICAN, currently Chief Commercial Officer of NN Hayat ve Emeklilik, will be appointed CEO NN Hayat ve Emeklilik on an ad interim basis and subject to regulatory approval.
13 January 2020Turkish financial sector acquires majority stake in JCR Eurasia to create national rating firm
Turkey's banks and financial institutions bought 85.05% of JCR Eurasia, the local unit of Japan Credit Rating Agency, Turkey's banking association announced last Friday, sealing the Turkey's longtime goal to create a national firm that will appraise the creditworthiness of businesses seeking to borrow, informed REUTERS.
10 December 2019STATISTICS: TURKISH insurers reported impressive growth rates on all classes at the end of September
The Turkish insurance market ended 3Q2019 with GWP worth TRY 48.4 billion, 22.5% up y-o-y. At the same time, the appreciation of the Turkish Lira against Euro has influenced the market rates calculated in European currency, translating them in a 38% positive change to EUR 7.8 billion.
21 November 2019TURKEY: The Treasury licensed a new non-life insurer
A new player enters the Turkish non-life insurance market after the Treasury licensed TMT Sigorta, informed Middle East Insurance Review. The Turkish market is currently dominated by the non-life sector which accounts for more than 80% of premiums.
18 November 2019TURKEY: Uco VEGTER to be new CEO of EUREKO Sigorta
Dutch insurer ACHMEA informed that Uco VEGTER has been appointed Chief Executive Officer of EUREKO Sigorta, ACHMEA's subsidiary in Turkey. He succeeds Can Akin CAGLAR, who stood down this spring. Since then Uco VEGTER has been the acting CEO.
14 November 2019TURKEY: The launch of SDDK more than closer after the publishing of the Presidential Decree in the Official Gazette
Turkish authorities opened the way for the setting up the SDDK - the new independent Insurance Regulation and Supervision Authority, by publishing the Presidential Decree in the Official Gazette. The SDDK is part of Turkey's "New Economy Programme Structural Transformation Steps 2019" announced in April 2019, that promises structural reforms for the financial sector.
22 October 2019TURKEY: The state established Turk Re, the national reinsurer
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.
3 October 2019STATISTICS: TURKEY, 1H2019: market GWP stable in real terms; Motor Hull, Fire insurance and Health Insurance lines have outpaced inflation
The Turkish insurance market recorded again a double-digit nominal growth rate in 1H2019, with GWP increasing by 19.23% in local currency, to TRY 33.23 billion.
19 September 2019TURKEY: New independent regulator to have 7-member executive board
2 July 2019STATISTICS: TURKISH insurers' Q1 GWP dynamic affected by the TRY depreciation against euro
Turkish insurance market's GWP was of TRY 17.5 billion (about EUR 2.7 billion) in Q1 2019, ~20% up y-o-y in nominal terms, according to the preliminary data published by the local association - TSB. In European currency, the rate was negative (-7.7% y-o-y) due the depreciation registered by the local currency against euro (6.3188 TRY/EUR, March 31st, 2019 vs. 4.8673 TRY/EUR, March 31st, 2018).
6 June 2019Turkish int'l airport opens tender for medical insurance of its employees
5 June 2019Zurich Insurance takes care of Turkey's population
5 June 2019Turkey to create SDDK - the new independent Insurance Regulation and Supervision Authority
Turkish authorities are ready to set up SDDK - the new independent Insurance Regulation and Supervision Authority, according to the Minister of Treasury and Finance, Berat ALBAYRAK quoted by Middle East Insurance Review.
5 June 2019Turkish travel company launches tender for compulsory insurance of vehicles
29 May 2019
