Turkiye
Turkish 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 2019Turkish municipality attracts foreign insurers via tender
23 May 2019ERGO to sell its TURKISH operations to TALANX
Hannover-based insurer TALANX informed it is expanding its activities in Turkey by acquiring the P&C insurer ERGO Sigorta.
8 May 2019TURKEY: Can Akin CAGLAR steps down as CEO of EUREKO Sigorta
Dutch insurer ACHMEA announced that Can Akin CAGLAR has decided to step down from his position as CEO of EUREKO Sigorta, Achmea's subsidiary in Turkey, as per the 10th of May 2019. He held this position for the past five years.
8 May 2019TURKEY: MTPL prices determined by driver history
The Ministry of the Treasury and Finance of Turkey added a new amendment to current MTPL Tariffs Principles Regulation, according to which insurance companies can use drivers' history to determine the final MTPL price.
2 May 2019TURKEY: Insurance agencies pool resources to cut costs
13 March 2019STATISTICS: TURKEY, FY2018: Insurance posted 17.4 y-o-y growth rate in local currency
The insurance industry in Turkey posted a growth of 17.4% y-o-y in GWP to TRY 54.6 billion (EUR 9 billion) in 2018, according to preliminary data released by the Insurance Association of Turkey (TSB).
7 March 2019Turkish municipality opens tender for compulsory vehicle insurance
3 March 2019
