Location: - Southeastern Europe and Southwestern Asia (the West of the Bosporus portion is geographically part of Europe), bordering the Black Sea, the Aegean Sea and the Mediterranean Sea; - Neighbours: Cyprus, Greece, Bulgaria, Georgia, Armenia, Azerbaijan, Iran, Iraq, Syria.
Climate: - temperate; - hot, dry summers with mild, wet winters; - harsher in interior.
Natural hazards: - severe earthquakes, especially in northern Turkey, along an arc extending from the Sea of Marmara to Lake Van.
Turkey's banks and financial institutions bought 85.05% of JCR Eurasia, the local unit of Japan Credit Rating Agency, Turkey's banking association announced last Friday, sealing the Turkey's longtime goal to create a national firm that will appraise the creditworthiness of businesses seeking to borrow, informed REUTERS.
The Turkish insurance market ended 3Q2019 with GWP worth TRY 48.4 billion, 22.5% up y-o-y. At the same time, the appreciation of the Turkish Lira against Euro has influenced the market rates calculated in European currency, translating them in a 38% positive change to EUR 7.8 billion.
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.
Dutch insurer ACHMEA informed that Uco VEGTER has been appointed Chief Executive Officer of EUREKO Sigorta, ACHMEA's subsidiary in Turkey. He succeeds Can Akin CAGLAR, who stood down this spring. Since then Uco VEGTER has been the acting CEO.
Turkish authorities opened the way for the setting up the SDDK - the new independent Insurance Regulation and Supervision Authority, by publishing the Presidential Decree in the Official Gazette. The SDDK is part of Turkey's "New Economy Programme Structural Transformation Steps 2019" announced in April 2019, that promises structural reforms for the financial sector.
Turkish insurance market's GWP was of TRY 17.5 billion (about EUR 2.7 billion) in Q1 2019, ~20% up y-o-y in nominal terms, according to the preliminary data published by the local association - TSB. In European currency, the rate was negative (-7.7% y-o-y) due the depreciation registered by the local currency against euro (6.3188 TRY/EUR, March 31st, 2019 vs. 4.8673 TRY/EUR, March 31st, 2018).
Turkish authorities are ready to set up SDDK - the new independent Insurance Regulation and Supervision Authority, according to the Minister of Treasury and Finance, Berat ALBAYRAK quoted by Middle East Insurance Review.
Dutch insurer ACHMEA announced that Can Akin CAGLAR has decided to step down from his position as CEO of EUREKO Sigorta, Achmea's subsidiary in Turkey, as per the 10th of May 2019. He held this position for the past five years.
The Ministry of the Treasury and Finance of Turkey added a new amendment to current MTPL Tariffs Principles Regulation, according to which insurance companies can use drivers' history to determine the final MTPL price.