The Insurance Association of Turkey (TSB) has set its expectations for 2025 for the industry. The expectations are published in an information booklet of TSB, where the Association explains the steps taken by the Turkish insurance industry after the February 2023 earthquakes, Middle East Insurance Review reports.

The booklet was prepared for the Baden Baden Reinsurance Meeting which took place in Germany on 20-24 October.

The highlights of the TSB expectations are:

• More CAT (natural disaster) protection will be needed in 2025.
• An additional USD 2-3 billion of reinsurance protection will be needed in 2025.
• As more urban transformation projects are covered by Building Completion Insurance and housing sales turn stable, insurance penetration in this branch is expected to increase in the medium and long term.
• Suggestions for the implementation of Building Inspection Insurance to ensure construction quality are shared with public authorities.
• The work carried out by the Insurance and Private Pension Regulation and Supervision Agency (SEDDK) to strengthen financial resilience and the capitalisation of insurers aims to better reflect the real risks faced by insurers and ensure that capital adequacy calculations are more accurate.
• While urban transformation continues throughout the country, emphasis is being placed on measures taken to prepare for a possible Marmara earthquake, especially in Istanbul and its surrounding areas.