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DELOITTE assisted VIG in taking over AEGON's units in Hungary, Poland, Romania and Turkey
DELOITTE assisted the Austrian insurer VIG in taking over the units of the Dutch financial group AEGON in Hungary, Poland, Romania and Turkey, informed the Romanian insurance news portal www.1asig.ro here
13 January 2021Turkish insurance sector to be boosted with the help of MoF
Turkish Finance Minister Lutfi ELVAN mentioned that the Government will take concrete steps to move the insurance and private pension industry forward, according to the Middle East Insurance Review.
11 January 2021PERILS: initial loss estimate for the Izmir earthquake of 30 October 2020 at EUR 55 million
PERILS' initial estimate of the insured property market loss for the Izmir Earthquake, based on claims data collected from Turkish insurers, is TRY 532 million (EUR 55 million at exchange rate of 30 October 2020), the independent Zurich-based organization providing industry-wide catastrophe insurance data announced.
17 December 2020TURKEY: MTPL price cap maintained for another year
The ceiling on MTPL premiums' value will remain in place for another year starting 1 January 2021, the measure aiming to provide for affordable rated for insureds, the Insurance and Private Pension Regulation and Supervision Authority (SEDDK), Middle East Insurance Review reported.
9 December 2020TURKEY: Top market priorities inventoried by TSB and SEDDK top representatives
Important issues in front of the sector were also discussed during the visit. It was agreed that the working groups highlighted by Turker Gursoy would be quickly implemented.
9 December 2020Turkey: Three operating satellits are insured by the state owned Turkiye Sigorta (Turkey Insurance)
For the first time, Turksat, the only satellite operator in Turkey has fulfill an insurance policy with Turkiye Sigorta (Turkey Insurance) for the three operating satellites: 'Turksat 3A' (launched in June 2008), 'Turksat 4A' (February 2014) and 'Turksat 4B' (October 2015).
20 November 2020Fitch Ratings' Negative Outlooks on the Turkish sovereign and Turkish banks' ratings
Ratings are under pressure for the Turkish insurers' Insurer Financial Strength from the Negative Outlooks on the Turkish sovereign and Turkish banks' ratings, according to the report released by the agency.
13 November 2020STATISTICS: TURKEY, 3Q2020: Market posts Q3 negative rates in EUR due the TRY fall
According to the quarter figures published by TSB - Association of Insurance and Reinsurance Companies of Turkey - at the end of September 2020 the local insurance market increased by 22.4% y-o-y reaching TRY 59.3 billion (~EUR 6.5 billion*).
12 November 2020The 7.0-magnitude earthquake of October 30th, designated as catastrophe by PCS Turkey
The 7.0-magnitude earthquake that struck the Aegean Sea between the Turkish coast and the Greek island of Samos, strongly affecting the Izmir region of Turkey has been designated as a catastrophe event by Property Claim Services (PCS), a division of Verisk Analytics, Artemis reported.
10 November 2020TURKEY: significant material losses expected after the October 30th earthquake in the Aegean area
A 7.0-magnitude earthquake struck Friday in the Aegean Sea between the Turkish coast and the Greek island of Samos, killing at least 91 people and injuring over 1,000 amid collapsed buildings and flooding, according to the latest official data available. The quake also made a couple of victims, and injured 19 people, in addition to the material damages.
3 November 2020AEGON to leave CEE markets, rumors say
Dutch insurer AEGON has put its CEE units - including Poland, Romania, Hungary and Turkey -, up for sale, Reuters wrote citing sources close to insurer.
29 October 2020Türk Reasürans A.Ş celebrates its 1st anniversary
Türk Reasürans A.Ş, which was established with the aim of contributing to the objectives of the New Economic Program, namely "Economic Balancing" and "Healthy and Sustainable Growth" in relation to the insurance market, increasing the local reinsurance capacity and ensuring resource efficiency, has completed its first year.
26 October 2020TURK Re bets on technology and its own teams of talents to fulfill its development strategy
For TURK Re, a newly created company, the main challenge was to put together a great and experienced team; we managed to develop our core reinsurance application in house instead of just buying a ready-made solution, commented today Selva EREN, CEO, Turk Re on the occasion of the International Istanbul Insurance Conference.
8 October 2020TURKEY: Anna Grzelonska appointed as CEO of NN Hayat ve Emeklilik
Anna Grzelonska will be appointed Chief Executive Officer (CEO) of Hayat ve Emeklilik, effective 1 December 2020, subject to regulatory approval. As CEO of Hayat ve Emeklilik, Anna will focus on continuing our growth in the local market.
28 September 2020TURKEY: Newly created state insurer expected to quadruple insurance sector's share in the financial market
State-owned Turkey Insurance and Turkey Life Pension (Turkiye Sigorta ve Turkiye Hayat Emeklilik) is expected to boost insurance coverage in Turkey, increasing the sector's share in the national financial market from the current 4.5%, to as much as 20%.
21 September 2020Turkey put six insurers under a single roof to form the country's largest insurer
Six Turkish insurers and pension fund companies will form the country's largest insurance and pensions company, wrote Middle East Insurance Review here.
9 September 2020STATISTICS: TURKEY, 1H2020: Local insurance market expanded by 21%
The Turkish insurance market generated total premium of TRY 40.2 billion (~EUR 5.2 bilion*) in the first half of this year, an increase of 21.0% compared to the corresponding period in 2019, according to data released by the Insurance Association of Turkey (TSB).
3 September 2020ALLIANZ Group opened earthquake & fire research center in Istanbul
A new earthquake and fire research center in Turkey expands the family of Allianz Group's ALLIANZ Centers for Technology, the German insurer announced in a statement. It conducts earthquake, automotive, transport and fire tests, simulations and practical training in Istanbul.
26 August 2020VIG's Turkish subsidiary Ray Sigorta signed a major deal with CPP Group to increase cyber security
Ray Sigorta, a subsidiary of Vienna Insurance Group, has signed a major deal with the Leeds-based CPP Group. CPP's Cyber Care product will deliver online security checks within Ray's new 'Cyberella' product, designed to protect customers from risks posed by identity and information fraud.
23 July 2020STATISTICS: TURKEY, 1Q2020: Insurance sector sees 25% y-o-y growth at the end of the quarter
Total GWP generated by the insurance industry in Turkey reached TRY 21.83 billion (EUR 3.03 billion) in the first three months of this year, representing an increase of 24.79% compared to the corresponding period of 2019, according to data from the Insurance Association of Turkey -TSB.
16 July 2020
