Turkiye
TURK Re bets on technology and its own teams of talents to fulfill its development strategy
For TURK Re, a newly created company, the main challenge was to put together a great and experienced team; we managed to develop our core reinsurance application in house instead of just buying a ready-made solution, commented today Selva EREN, CEO, Turk Re on the occasion of the International Istanbul Insurance Conference.
8 October 2020TURKEY: Anna Grzelonska appointed as CEO of NN Hayat ve Emeklilik
Anna Grzelonska will be appointed Chief Executive Officer (CEO) of Hayat ve Emeklilik, effective 1 December 2020, subject to regulatory approval. As CEO of Hayat ve Emeklilik, Anna will focus on continuing our growth in the local market.
28 September 2020TURKEY: Newly created state insurer expected to quadruple insurance sector's share in the financial market
State-owned Turkey Insurance and Turkey Life Pension (Turkiye Sigorta ve Turkiye Hayat Emeklilik) is expected to boost insurance coverage in Turkey, increasing the sector's share in the national financial market from the current 4.5%, to as much as 20%.
21 September 2020Turkey put six insurers under a single roof to form the country's largest insurer
Six Turkish insurers and pension fund companies will form the country's largest insurance and pensions company, wrote Middle East Insurance Review here.
9 September 2020STATISTICS: TURKEY, 1H2020: Local insurance market expanded by 21%
The Turkish insurance market generated total premium of TRY 40.2 billion (~EUR 5.2 bilion*) in the first half of this year, an increase of 21.0% compared to the corresponding period in 2019, according to data released by the Insurance Association of Turkey (TSB).
3 September 2020ALLIANZ Group opened earthquake & fire research center in Istanbul
A new earthquake and fire research center in Turkey expands the family of Allianz Group's ALLIANZ Centers for Technology, the German insurer announced in a statement. It conducts earthquake, automotive, transport and fire tests, simulations and practical training in Istanbul.
26 August 2020VIG's Turkish subsidiary Ray Sigorta signed a major deal with CPP Group to increase cyber security
Ray Sigorta, a subsidiary of Vienna Insurance Group, has signed a major deal with the Leeds-based CPP Group. CPP's Cyber Care product will deliver online security checks within Ray's new 'Cyberella' product, designed to protect customers from risks posed by identity and information fraud.
23 July 2020STATISTICS: TURKEY, 1Q2020: Insurance sector sees 25% y-o-y growth at the end of the quarter
Total GWP generated by the insurance industry in Turkey reached TRY 21.83 billion (EUR 3.03 billion) in the first three months of this year, representing an increase of 24.79% compared to the corresponding period of 2019, according to data from the Insurance Association of Turkey -TSB.
16 July 2020Fitch Assigns Turk P&I 'BB-' IFS Rating; Outlook Stable
Fitch Ratings has assigned Turk P ve I Sigorta A.S. (Turk P&I) a 'BB-' Insurer Financial Strength (IFS) Rating. The Rating Outlook is Stable. A full list of rating actions is below.
25 June 2020Turkey offers medical insurance to encourage tourism while pandemic still persists
Given that travel insurance policies' coverage for Covid-19 health incidents is still questionable, Turkey announced it will cover the cost of medical treatment for holidaymakers, as a measure included in its Safe Tourism Certification Program aiming to encourage international travelers to visit the country.
24 June 2020Milli Re's premium production increased by 26% in 2019
As of 2020 renewals, Turkish reinsurer Milli Re maintained its market share of 27% in the local insurance market by leading the reinsurance treaties of 17 ceding companies buying reinsurance protection on proportional bouquet basis, the company's Director and General Manager, Fikret Utku OZDEMIR stated in the Annual Report for 2019.
18 June 2020STATISTICS: SEE region, FY2019: Regional insurance market expanded to more than EUR 15 billion at the end of the year
At the end of 2019 the SEE insurance market (the region formed by Cyprus, Greece and Turkey) totaled about EUR 15.3 billion in terms of GWP, 12.5% more y-o-y, according to preliminary figures centralized by XPRIMM.
21 May 2020TURKEY: Over 8 milion homes still need to be covered by earthquake insurance
More than 8 million residential properties in Turkey still need to be covered by earthquake insurance, according to Resit CAKAS, President of the Association of Insurance Agencies (SAB), informed Middle East Insurance Review. Resit CAKAS noted that at present, in Turkey approximately 9.6 million houses are insured.
25 March 2020TURKEY: 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 2020
