Turkiye
TURKIYE - earthquake update; insured losses may exceed USD 4 billion; official earthquake donation accounts available
The consecutive two devastating earthquakes that hit on 5 February Turkiye and Syria in the region of their common border, as well as the tens of aftershocks, have caused insurable losses that may exceed USD 4 billion, real-estate information firm CoreLogic estimates.
9 February 2023TURKIYE: 7.8 magnitude quake kills hundreds in the provinces near the Turkiye - Syrian border
A 7.8-magnitude quake hit Turkiye's Gaziantep province, 3 kilometers east of Nurdagi, at a depth of 24.1 kilometers, the United States Geological Survey (USGS) said.
6 February 2023TURKIYE: Axa reaches an agreement to acquire Groupama's insurance operations in Turkiye
Axa has reached an agreement to acquire Groupama's insurance operations in Turkiye. Groupama Sigorta A.S. and Groupama Investment, which holds the shares of Groupama Hayat A.S., will take over 100% of Bosphorus Holding A.S., Blomberg wrote.
26 January 2023TURKIYE: insurance companies should seek new ways to streamline their future performance
"We are going through a period in which legislative reviews and reports are increasing, the legislation on financial reporting is changing, investor expectations are rising, and competition is intensifying", said Ms Busra Kodaman, actuarial consulting services senior manager at EY Turkey, Middle East Insurance Review writes.
26 January 2023STATISTICS: Turkish market exceeds EUR 8 billion at end-September
According to the quarter figures published by TSB - Association of Insurance and Reinsurance Companies of Turkey - at the end of September 2022 the local insurance market increased by 108% y-o-y reaching TRY 146.9 billion (~EUR 8.1 billion). In European currency, due to the exchange rates differences, the market change was only +18% y-o-y.
1 December 2022Talanx announced the expansion of its activities in core market Turkiye
Talanx Group announced is strengthening its position in Turkiye, its core market, through a cooperation agreement with Fiba Group, one of Turkiye's largest corporate groups.
8 November 2022Over 300 insurance market representatives from 37 countries attended the 3rd FAIR Reinsurance Forum, hosted by Milli Re
The 3rd FAIR Reinsurance Forum, hosted by Milli Re, was held at the Hilton Istanbul Bosphorus Hotel on September 22-23, 2022 under the theme of "Impact of Rising Inflation and Resilience of the Re/Insurance Industry".
29 September 2022STATISTICS: Turkish insurers' GWP almost doubled in local currency in H1 2022
The GWP of Turkish-based insurers rose 93% on the year in the first six months of 2022, reaching TRY 91 billion (EUR 5.2 billion), data of the Insurance Association of Turkey showed.
8 September 202234th Milli Re International Insurance Tennis Tournament
Organized by Milli Re, the 34th round of the traditional "International Insurance Tennis Tournament" took place at Miltas-Suadiye Sports Complex of Istanbul, with the participation of 64 competitors comprised of 49 local and 15 foreign market players from 44 companies.
2 June 2022STATISTICS: Turkey, Q1 2022: Insurers' business expanded by 70% in Turkish Lira and by only 2% in Euro due to the local currency's depreciation
Total premium generated in the Turkish insurance market increased in local currency by 70.41% during January-March 2022 to TRY 43.10 billion, according to the preliminary figures released by the Insurance Association of Turkey (TSB).
25 May 2022Aegon completes sale of Turkish business to VIG
Dutch insurer Aegon announced the completion of the divestment of its business in Turkey to Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG).
27 April 2022TURKEY: Insurance supervision sets up a mechanism for insuring sea vessels and aircrafts operating the routes to Ukraine and Russia
Because of the war situation between Russia and Ukraine, the Turkish Insurance and Private Pension Regulation and Supervision Agency (SEDDK), will manage the insurance coverage issues of civil cargo and passenger sea vessels and aircrafts operating the routes between these countries and Turkey within the scope of the Special Risks Management Center until the end of 2022.
15 March 2022Digital control of Green Card at the borders will be adopted by Turkey and its neighboring countries
Turkish Motor Vehicles Bureau (TMTB) agreed with in principle with its counterparts in Azerbaijan, Greece and Bulgaria to implement digital Green Card control at the border. The launch of the project was held in Baku, the capital of Azerbaijan, www.sigortadunyasi.com.tr reported.
15 March 2022STATISTICS: Turkish market compressed by more than EUR 3 bn in 2021 vs. 2019
Total premium generated in the Turkish insurance market increased in local currency by 27.53% to TRY 105.30 billion in 2021, as compared to 2020, according to the preliminary figures released by the Insurance Association of Turkey (TSB).
1 February 2022STATISTICS: Turkey, Q3 2021: State-owned insurers' aggregate GWP crossed the 1 bn euro threshold
Total premium income in the Turkish insurance sector increased by 19.14% y-o-y to TRY 70.60 bn (EUR 6.85 billion) in Q3 2021, according to preliminary data released by the Insurance Association of Turkey (TSB).
10 November 2021STATISTICS: TURKEY, 1H2021: High inflation and local currency's depreciation affected the otherwise very good performance of the market
The impact of the Turkish Lira devaluation on the insurance market's results was quite significant in 1H. While the market showed a 17.11% y-o-y GWP nominal growth, to TRY 47.1 billion in local currency, the GWP volume denominated in Euro actually decreased y-o-y.
7 October 2021Turkey: Arthur J. Gallagher enters the local market by acquiring a majority stake in specialty broker BH Sigorta ve Reasurans Brokerligi
Global insurance brokerage, risk management and consulting services firm Arthur J. Gallagher & Co. announced it has purchased a majority stake in Turkish specialty broker Brokers' House (BH Sigorta ve Reasurans Brokerligi A.S.). Terms of the transaction were not disclosed.
26 August 2021AM Best Affirms Credit Ratings of Milli Reasurans Turk Anonim Sirketi
AM Best has affirmed on 2 July the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of "bb+" (Fair) of Milli Reasurans Turk Anonim Sirketi (Milli Re) (Turkey). The outlook of these Credit Ratings (ratings) is stable.
5 July 2021Fitch Affirms Turk P&I at IFS 'BB-'; Outlook Stable
Fitch Ratings has affirmed Turk P ve I Sigorta A.S.'s (Turk P&I) Insurer Financial Strength (IFS) Rating at 'BB-'. The Rating Outlook is Stable. A full list of rating actions is below.
16 June 2021STATISTICS: Turkey, Q1 figures: New-created State insurers' aggregate share in total market expanded to 16.5%
Total GWP generated by the insurance market in Turkey totaled TRY 25.3 billion (EUR 2.6 billion) at the end of March 2021, 15.8% more y-o-y, according to figures from the Insurance Association of Turkey -TSB.
10 June 2021
