Turkiye
TURKIYE: Delays and disruptions in the supply chain erode policyholders' trust in the sector
Delays and disruptions in the supply chain not only create additional workload for insurance companies and adjusters, but also erode policyholders' trust in the sector, according to the board of directors of the Turkish Insurance Experts Association (TUSED), Middle East Insurance Review writes.
2 October 2025TURKIYE: Türk Reasürans appoints new general manager
Türk Reasürans has appointed Mr Özgür Bülent Koç as general manager, according to news platform Sigortaci, Middle East Insurance Review writes.
23 September 2025TURKIYE: Record losses reported in MTPL in the first half of the year
In the first half of this year all insurance companies that offer MTPL reported losses in the segment, according to data from the Insurance Association of Turkiye (TSB), Middle East Insurance Review writes.
15 September 2025TURKIYE: Insurance coverage of SMEs at 32% means a significant gap in insurance awareness
Small and medium-sized enterprises (SMEs) make up 99.7% of all enterprises in Türkiye, however the insurance rate for them remains at 32%, according to Mr Oktem Orkun, deputy general manager of elementary commercial insurance at Allianz Turkiye, Middle East Insurance Review writes.
15 September 2025TURKIYE: Eleven insurance companies on the list of the top 100 taxpayers
In Turkiye eleven insurance companies have appeared on the list of the top 100 taxpayers, paying a total of TRY 23.5 billion (USD 569 million) in taxes for 2024, according to data released by the Revenue Administration, Middle East Insurance Review writes.
8 September 2025AM Best upgrades Credit Ratings of Millî Reasürans Türk Anonim Şirketi
AM Best has upgraded the Financial Strength Rating (FSR) to C++ (Marginal) from C+ (Marginal) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “b” (Marginal) from “b-” (Marginal) of Millî Reasürans Türk Anonim Şirketi (Milli Re) (Türkiye). Concurrently, AM Best has revised the outlook for the Long-Term ICR to Positive. The outlook for the FSR is stable.
4 September 2025TURKIYE: KPMG: Almost 82% of total profits in 2024 came from life insurance
In 2024 the insurance sector in Turkiye recorded significant growth with total profits reaching TRY 31.8 billion (~EUR 0.87 billion), which means a 59.46% y-o-y increase, as KPMG, a global professional services firm, said in its 2025 "Insurance Sectoral Overview" report, Middle East Insurance Review writes.
2 September 2025TURKIYE: Compulsory earthquake insurance coverage amounts to only 57%
Approximately 11.5 million of the 20.3 million households across Turkiye have compulsory earthquake insurance, representing an insurance coverage rate of 57.4%, according to data from the Turkiye Catastrophe Insurance Pool (TCIP), Middle East Insurance Review writes.
26 August 2025TURKIYE: Dubai-based ETG Insurance & Risk Solutions enters the Turkish insurance market
Dubai-based ETG Insurance & Risk Solutions (EIRS), the rapidly growing insurance and reinsurance division of the global agri-commodity conglomerate ETG, has formed a strategic partnership with BrokerPlus, a Turkish insurance brokerage, Middle East Insurance Review writes.
21 August 2025TURKIYE: Motor insurance penetration rate remains at 25%
At the end of June 2025, total number of registered vehicles in Turkiye stood at 32.37 million, according to data from the Turkish Statistical Institute (TurkStat), Middle East Insurance Review writes.
11 August 2025TURKIYE: Fitch: non-life insurers should benefit from improved operating conditions and stronger pricing in 2025
Turkish non-life insurers should benefit from improved operating conditions and stronger pricing in 2025, as Fitch Ratings said in its report titled "Turkish Non-Life Insurance: Gradual Steps to Market Stabilisation", Middle East Insurance Review writes.
17 July 2025TURKIYE: Turkiye Wealth Fund completes the strategic merger process of public insurance and pension companies
According to Middle East Insurance Review, Turkiye Wealth Fund (TVF), owned by the government, has completed all stages of the strategic merger process of public insurance and pension companies.
25 June 2025TURKIYE: Most farmers are producing agricultural products without protection against natural disasters
About 4 out of 10 (38.6%) farmers in Turkiye are covered by insurance while 17% of agricultural land in the country is insured, according to data from the Ministry of Agriculture and Forestry, Middle East Insurance Review writes.
11 June 2025STATISTICS: TÜRKIYE 1Q 2025: Market growth outpaced inflation
Total premium generated in the Türkiye insurance market increased in local currency by almost 52% during Q1 2025 to TRY 304.16 billion (EUR 7.47 billion), according to data released by the Insurance Association of Turkey (TSB). The growth pace slowed as compared with the previous period but remained still very high.
4 June 2025TURKIYE: BMS Group expands its presence in the Turkish market
London-headquartered BMS Group, an independent global insurance and reinsurance broker, has expanded its presence in the Turkish market with the acquisition of Istanbul-based Oria Sigorta ve Reasurans Brokerligi, Middle East Insurance Review writes. The merged entity is to continue as BMS Group Sigorta ve Reasurans Brokerligi.
2 June 2025TURKIYE: Turkish companies have purchased higher reinsurance protection for a possible major Marmara earthquake
Insurance companies in Turkiye have learned their lesson from the devastating earthquakes on February 6, 2023, and are ready for a possible mammoth Marmara earthquake, according to the president of the Insurance Association of Turkiye (TSB), Mr. Ugur Gulen, Middle East Insurance Review writes.
5 May 2025TURKIYE: Losses in MTPL continue to increase
Motor insurers are under cost pressure in the MTPL segment as losses continue to increase, according to the vice president of the Insurance Association of Turkiye (TSB), Mr Ahmet Yasar, Middle East Insurance Review writes.
22 April 2025TURKIYE: The insurance market is expected to expand by 35-40% in 2025
The insurance market in Turkiye is expected to expand by 35-40% in 2025, as inflation slows, according to data from the Insurance Association of Turkiye (TSB), Middle East Insurance Review reports. The average inflation rate in Turkiye was around 58.5% in 2024 and projected at 24% for this year.
15 April 2025STATISTICS: TÜRKIYE FY2024: High double digit growth rates on almost all relevant business lines
The Turkish insurance sector grew by 72.5% to TRY 838.5 billion (EUR 22.78 billion) in 2024, according to data from the Insurance Association of Türkiye (TSB). In European currency, due to the exchange rates differences, the market change was ~53% y-o-y.
13 March 2025NN Group completes sale of its Turkish operations
Duch NN Group announced the completion of the sale of its Turkish operations to Zurich Turkiye. The completion of the transaction follows the fulfilment of the customary closing conditions, including receipt of all necessary regulatory approvals. The agreement on the sale of NN Hayat ve Emeklilik was announced on 25 September 2024.
19 February 2025
