Turkiye
STATISTICS: Turkiye Q1 insurers' business expanded to almost EUR 5 billion
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).
13 June 2023Turkiye: recently released estimates place industry loss from earthquakes between USD 3.5 and USD 5 billion
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.
6 April 2023STATISTICS: Triple-digit increase for the Turkish insurance sector in 2022
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.
23 March 2023TÜRKIYE: Insured losses after both earthquakes will exceed USD 1 billion, Verisk says
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.
23 February 2023TÜRKIYE: Moody’s RMS’s expects total insured losses after the February 6 earthquakes to exceed USD 5 billion
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).
23 February 2023Türkiye: Turkish insurers are prepared to pay about TRY 16 billion for insured losses after the recent earthquakes, market authority says
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.
23 February 2023Turkiye: earthquakes' losses may reach up to 1% of the country's 2023 GDP; concern raises also about other cities' preparedness for earthquake
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.
16 February 2023Türkiye: Generali donates EUR 500 k to earthquake recovery and relief
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.
14 February 2023Allianz commits 6 million euros to earthquake relief and recovery
Allianz Group announced that it would make available six million euros to support relief and recovery efforts following the earthquakes in Türkiye and Syria, including up to one million euros to match the donations of its employees and tied agents.
14 February 2023Türkiye: TCIP made the first claims payments within 24 hours of the earthquake; Türk Reasürans reports on TCIPs activities during the first week post-quake
Courtesy to Mrs. Selva Eren, CEO of Türk Reasürans AŞ, ths reinsurance company that carries out the technical operations of the Turkish Catastrophe Insurance Pool (TCIP), we have received a report on TCIPs operations throughout the first week after the catastrophic earthquakes that hit Türkiye on 5-6 February 2023.
14 February 2023TURKIYE - 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 2022
