TURKEY: The Treasury licensed a new non-life insurer

18 November 2019 —
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.

TMT will engage primarily in the transportation and motor branches to provide services to carrier cooperatives.

"The closed mutual insurance company plans to expand its field of activity by adding other branches to its portfolio in due course", reported Insurance Gazette quoted by Middle East Insurance Review.

There are 61 insurers operating in Turkey, with at least 35 offering non-life insurance.