Turkey retains its attractiveness to foreign investors in the insurance sector because of energy, infrastructure and other new projects undertaken or planned in line with the government's 2023 Vision, says Mr Maximilian Stahl, CEO of Istanbul-based VHV Reassurance. The 2023 Vision seeks to establish Turkey as one of the world's top economies by 2023 which will be the centenary of the proclamation of the Republic of Turkey in 1923.
Changes in general conditions are needed for building completion insurance to take off in Turkey, according to an executive at reinsurance broker JLT Turkey.
Traffic insurance activities of almost the entire Turkish insurance industry have been subject to two examinations of the Turkish Competition Authority ("TCA") in 2017.
German insurer TALANX annoucend it has agreed to acquire 99.4% of the shares in LIBERTY Sigorta - the Turkish non-life subsidiary of US-based LIBERTY MUTUAL Group.
During 3Q 2017, Turkish insurers reported aggregate GWP worth TRY 33.43 billion (EUR 7.96 billion), a nominal growth rate of 14.76%, according to the quarterly statistics published by the Association of Insurance and Reinsurance Companies of Turkey.
Compulsory motor third-party liability insurance premiums have increased by 5% since 1 January 2018.
A lawmaker has presented a proposal to amend the Road Traffic Law to clarify definitions so as to make it explicit that vehicle accidents in shopping mall parking lots and underground parking lots will be covered by insurance.
The premium ceiling for compulsory motor third-party liability insurance will be increased by 5% at the start of the New Year and by another 5% in the second half of 2018.
The number of uninsured vehicles in Turkey has increased by 1.6
million to 7.9 million at the end of November 2017 compared to 12 months
TCIP - the Turkish Natural Catastrophe Insurance Pool will sett up a nuclear insurance pool to offer EUR 700 million of protection for each of the country's first nuclear power plants, soon to be built in Akkuyu and Sinop, according to Berat ALBAYRAK, minister of Energy and Natural Resources, reports Hurriyet.
Coverage by TARSIM, Turkey's agricultural insurance pool, has increased to 20% today from 0.5% previous to the establishment of the pool in 2005, on the back of strong state support.
In the last four years, more than four million traffic accidents
occurred in Turkey, killing 21,000 people and injuring more than
674,000, according to data from the Turkish General Directorate of
The application of a ceiling on premiums for compulsory motor
third-party liability (MTPL) insurance would cause insurers to lose TRY3
billion (USD 792 million) a year, according to a senior insurance
The first half of 2017 represented for the Turkish insurance market a nominal growth in GWP of almost 12% to TRY 23.1 billion (EUR 5.8 billion), according to the data published by TSB - the local professional association.
Talks are ongoing between commercial vehicle operators and insurance companies for the latter to bear the cost of installing intelligent driver warning systems in vehicles to prevent traffic incidents.
Sigortam, an online insurance comparison and sales platform, has introduced its Motor and Traffic Insurance Index that keeps tabs on changes in motor premiums.
Property Claim Services (PCS), a division of Verisk Analytics, has provided its first estimate of the insurance and reinsurance industry loss from the two Turkish hail storm and flooding events that struck the country in July 2017 as around USD 300 million combined.
The average premium for mandatory third party liability motor insurance
(MTPL) fell by 24% from TRY864 (US 252) in March to TRY660 in July,
since the implementation of a premium ceiling on 12 April, notes Deputy
Prime Minister in charge of the economy Mehmet Simsek.
Experts warned Thursday that a strong earthquake will hit Istanbul in the near future, as the country marks the 18th anniversary of a devastating quake in the Istanbul region.