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.
Compulsory motor third-party liability insurance premiums have increased by 5% since 1 January 2018.
A lawmaker has presented a proposal to amend the Road Traffic Law to clarify definitions so as to make it explicit that vehicle accidents in shopping mall parking lots and underground parking lots will be covered by insurance.
The premium ceiling for compulsory motor third-party liability insurance will be increased by 5% at the start of the New Year and by another 5% in the second half of 2018.
The number of uninsured vehicles in Turkey has increased by 1.6
million to 7.9 million at the end of November 2017 compared to 12 months
TCIP - the Turkish Natural Catastrophe Insurance Pool will sett up a nuclear insurance pool to offer EUR 700 million of protection for each of the country's first nuclear power plants, soon to be built in Akkuyu and Sinop, according to Berat ALBAYRAK, minister of Energy and Natural Resources, reports Hurriyet.
Coverage by TARSIM, Turkey's agricultural insurance pool, has increased to 20% today from 0.5% previous to the establishment of the pool in 2005, on the back of strong state support.
In the last four years, more than four million traffic accidents
occurred in Turkey, killing 21,000 people and injuring more than
674,000, according to data from the Turkish General Directorate of
The application of a ceiling on premiums for compulsory motor
third-party liability (MTPL) insurance would cause insurers to lose TRY3
billion (USD 792 million) a year, according to a senior insurance
The first half of 2017 represented for the Turkish insurance market a nominal growth in GWP of almost 12% to TRY 23.1 billion (EUR 5.8 billion), according to the data published by TSB - the local professional association.