Total premium generated in the Türkiye insurance market increased in local currency by almost 81% during the first half of 2024 to TRY 380.4 billion (EUR 10.8 billion), according to the figures released by the Insurance Association of Turkey (TSB).

Generali has reached an agreement for the sale of its 99.99% stake in Generali Sigorta A.Ş. (Generali Sigorta Anonim Şirketi) to Kiler Holding A.Ş. (42% stake), Ekol Girişim Sermayesi Yatırım Ortaklığı A.Ş. (9% stake); Arex Yatırım Holding A.Ş. (48% stake) and Arex Sigorta A.Ş. (1% stake).

Azerbaijan’s exposure and vulnerability to the earthquake risk, as well as the measures to cope with the financial impact of such events were the topics of the A Resilient Financial System Against Catastrophic Risks Conference, organized on 22-23 May, by the Central Bank of Azerbaijan and the Compulsory Insurance Bureau, with the participation of T-Rupt, a Türk Reasürans group company specializing in insurance and reinsurance technology solutions.

On June 3-4, 2024, the Insurance and Private Pensions Regulation and Supervision Agency (SEDDK), the Turkish Insurance Association (TSB), and Maher Holding hosted some of the most prominent figures in Romania's insurance and finance sector, in a visit aiming at extending the regional cooperation in the re/insurance sector.

Total premium generated in the Turkiye insurance market increased in local currency by almost 92% during January-March 2024 to TRY 199.26 billion (EUR 5.72 billion), according to the quarterly figures released by the Insurance Association of Turkey (TSB).

The Turkiye insurance sector grew by 106.7% to TRY 486 billion (EUR 14.9 billion) in 2023, according to data from the Insurance Association of Turkiye (TSB). In European currency, due to the exchange rates differences, the market change was ~26.5% y-o-y.

Welcoming the professionals gathered at the International Insurance Fair and Congress’ second edition, İbrahim Temiz, Chairman of the Board of Directors for the organizing body, underscored the fair's pivotal role as a significant platform for all industry stakeholders. To illustrate the accuracy of this statement, the inaugural addresses delivered by Hakan Ülgen, President of the TOBB Aydın Chamber of Commerce, and Davut Menteş, the newly appointed President and ex Deputy Chairman of SEDDK (the Insurance and Private Pension Regulation and Supervision Agency) addressed the role of the market bodies in the insurance market’s development and pledged continued collaboration with all stakeholders and a commitment to contribute sensibly to the sector and the nation.

Following the resignation of the former SEDDK President, Mehmet Akif Eroğlu, appointments were made to the chairmanship and membership of the Insurance and Private Pension Regulation and Supervision Board, effective as of today, when they were published in the Official Gazette with the signature of President Recep Tayyip Erdoğan.  

Today started in Antalya the second edition of the International Insurance Fair and Congress, an event aiming to bring together the professionals of the sector, increasing their cooperation and increasing the insurance penetration rate (insurance rate) in the society. XPRIMM supports the event as Media Partner.

According to the quarter figures published Insurance Association of Turkiye - at the end of September 2023 the local insurance market increased by 123.41% y-o-y reaching TRY 328.2 billion (~EUR 11.3 billion). In European currency, due to the exchange rates differences between September 30^th 2023 and September 30^th 2022, the market change was +39.6% y-o-y.

The GWP of Turkish-based insurers increased by more than two times (+131.3%) on the year in the first six months of 2023, reaching TRY 210.3 billion (EUR 7.5 billion) vs. TRY 90.9 billion (EUR 5.2 billion), data of the Insurance Association of Turkey showed.

Anadolu Sigorta, Turkiye's second biggest non-life insurer, is expected to report a positive net result in 2023 with underwriting continuing to make heavy losses, reports Middle East Insurance Review citing Fitch Ratings.

Total premium generated in the Turkiye insurance market increased in local currency by 140.86% during January-March 2023 to TRY 103.79 billion (EUR 4.98 billion), according to the quarterly figures released by the Insurance Association of Turkey (TSB).

The Turkish Catastrophe Insurance Pool (TCIP) so far has paid USD 340.36 million (TRY 6.5 billion) on claims for the victims related to the recent earthquakes that occurred in Turkey last month, Reinsurance News reports.

The Turkish insurance sector grew by 123.2% to TRY 235 billion (EUR 11.8 billion) in 2022, according to data from the Insurance Association of Turkiye (TSB). In European currency, due to the exchange rates differences, the market change was only +69% y-o-y.

According to Extreme Event Solutions at Verisk (formerly AIR Worldwide), economic losses for the February 6, 2023, earthquakes in Türkiye will likely exceed USD 20 billion, and industry insured losses will likely exceed USD 1 billion. These estimates are based on impacts of both M7+ earthquakes that occurred on that day. Results from Verisk indicate the initial shock is the driver of most of the insured losses.

Moody’s RMS®, the leading global catastrophe risk modeling and solutions company, estimates economic losses from the moment magnitude (Mw) Mw7.8 and Mw7.5 earthquakes that struck southern Türkiye on Monday, February 6 are likely to exceed USD 25 billion (TRY 471 billion), and the total insured loss is likely to exceed USD 5 billion (TRY 94 billion).

As of 20 February, the Turkish Catastrophe Insurance Pool (TCIP) has already paid claims worth about USD 27.6 million to policyholders whose homes were affected by the 6 February earthquakes. 

The earthquake in Turkiye could result in a loss of up to 1% of the country's 2023 gross domestic product, the European Bank for Reconstruction and Development (EBRD) said in a report quoted by Reuters. This loss will add to the current economic difficulties of the country.

In response to the earthquake that struck Türkiye and Syria, Italian insurer Generali informed it supports the impacted populations with a donation to UNICEF and other local programs as well as with a global fundraising campaign to be matched by Generali.