Turkiye
Aegon completes sale of Turkish business to VIG
Dutch insurer Aegon announced the completion of the divestment of its business in Turkey to Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG).
27 April 2022TURKEY: Insurance supervision sets up a mechanism for insuring sea vessels and aircrafts operating the routes to Ukraine and Russia
Because of the war situation between Russia and Ukraine, the Turkish Insurance and Private Pension Regulation and Supervision Agency (SEDDK), will manage the insurance coverage issues of civil cargo and passenger sea vessels and aircrafts operating the routes between these countries and Turkey within the scope of the Special Risks Management Center until the end of 2022.
15 March 2022Digital control of Green Card at the borders will be adopted by Turkey and its neighboring countries
Turkish Motor Vehicles Bureau (TMTB) agreed with in principle with its counterparts in Azerbaijan, Greece and Bulgaria to implement digital Green Card control at the border. The launch of the project was held in Baku, the capital of Azerbaijan, www.sigortadunyasi.com.tr reported.
15 March 2022STATISTICS: Turkish market compressed by more than EUR 3 bn in 2021 vs. 2019
Total premium generated in the Turkish insurance market increased in local currency by 27.53% to TRY 105.30 billion in 2021, as compared to 2020, according to the preliminary figures released by the Insurance Association of Turkey (TSB).
1 February 2022STATISTICS: Turkey, Q3 2021: State-owned insurers' aggregate GWP crossed the 1 bn euro threshold
Total premium income in the Turkish insurance sector increased by 19.14% y-o-y to TRY 70.60 bn (EUR 6.85 billion) in Q3 2021, according to preliminary data released by the Insurance Association of Turkey (TSB).
10 November 2021STATISTICS: TURKEY, 1H2021: High inflation and local currency's depreciation affected the otherwise very good performance of the market
The impact of the Turkish Lira devaluation on the insurance market's results was quite significant in 1H. While the market showed a 17.11% y-o-y GWP nominal growth, to TRY 47.1 billion in local currency, the GWP volume denominated in Euro actually decreased y-o-y.
7 October 2021Turkey: Arthur J. Gallagher enters the local market by acquiring a majority stake in specialty broker BH Sigorta ve Reasurans Brokerligi
Global insurance brokerage, risk management and consulting services firm Arthur J. Gallagher & Co. announced it has purchased a majority stake in Turkish specialty broker Brokers' House (BH Sigorta ve Reasurans Brokerligi A.S.). Terms of the transaction were not disclosed.
26 August 2021AM Best Affirms Credit Ratings of Milli Reasurans Turk Anonim Sirketi
AM Best has affirmed on 2 July the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of "bb+" (Fair) of Milli Reasurans Turk Anonim Sirketi (Milli Re) (Turkey). The outlook of these Credit Ratings (ratings) is stable.
5 July 2021Fitch Affirms Turk P&I at IFS 'BB-'; Outlook Stable
Fitch Ratings has affirmed Turk P ve I Sigorta A.S.'s (Turk P&I) Insurer Financial Strength (IFS) Rating at 'BB-'. The Rating Outlook is Stable. A full list of rating actions is below.
16 June 2021STATISTICS: Turkey, Q1 figures: New-created State insurers' aggregate share in total market expanded to 16.5%
Total GWP generated by the insurance market in Turkey totaled TRY 25.3 billion (EUR 2.6 billion) at the end of March 2021, 15.8% more y-o-y, according to figures from the Insurance Association of Turkey -TSB.
10 June 2021Aviva's exit from Turkey completed; Belgian Ageas becomes one of the top players both in the life and non-life Turkish markets
Aviva announced it has completed the sale of its 40% shareholding in the Turkish life insurance and pensions joint venture, Aviva SA Emeklilik ve Hayat AS to the Belgian Ageas Insurance International NV which, through this acquisition expand its presence on the Turkish market toward the life insurance segment.
6 May 2021Turkey: There is a need of a single law for the Turkish insurance industry
The Turkish insurance industry is covered by different pieces of legislation which need to be unified in a single law, Fahri ALTINGOZ, Chairman of the Turkish Insurance Practitioners Association stated. Insurance companies are now waiting for the government to draw up the unified insurance act.
28 April 2021Turkiye Sigorta, 2020: GWP of to TRY 8.99 billion secured the company the market leading role
Turkiye Sigorta (Turkey Insurance), the state-controlled insurer of Turkey established last year, that has brought together all the local insurers in which the state had a significant shareholding, ended 2020 with GWP worth TRY 8.88 billion, almost 24% up y-o-y, thus ranking first, with a 13.04% market share.
11 March 2021Groupama launched Driving Academy in Turkey
French insurer Groupama announced its Turkish unit Groupama Sigorta launched in mid-December its Driving Academy, in a partnership with Intercity Driving Center, the most recognized driving center in Turkey.
8 March 2021Turkey: TCIP paid throughout 20 years a total cost of TRY 783.2 million for earthquake losses
The Turkish Natural Catastrophe Insurance Pool - TCIP has paid a total of TRY 783.2 million (~ EUR 200 million considering the exchange rate variation) throughout its 20 years of activity. Claims paid in 2020, amounted to TRY 548.7 million, impacted by two major earthquakes that hit Turkey.
4 March 2021STATISTICS: Turkey insurance industry decreased by EUR 1.33 billion due to the impact of the falling exchange rate
The Turkish insurance industry grew by 19.26% y-o-y in 2020 reporting of TRY 82.57 billion compared to 2019, announced the Turkey Insurance Association (TSB).
25 February 2021Turkey increased the maximum coverage of TCIP policies to EUR 31.5 k, while the tarrifs were reduced by 10%
The Insurance and Private Pensions Regulation and Supervision Agency (SEDDK) has increased the the maximum coverage amount for compulsory earthquake insurance policies administrated by DASK (TCIP - the Natural Disaster Insurance Institution) from TRY 240 k to TRY 268 k (~EUR 31.5 k). At the same time, the tariffs of the compulsory earthquake insurance scheme premiums were reduced by 10% for the policies issued in 2021.
9 February 2021Ozdemir, Milli Re: January renewals will be marked by a rather high volatility and challenging marketplace
"We are well prepared to navigate our way through the reshaped market conditions while we focus on the needs of existing clients and explore opportunities to support new ones," Fikret Utku Ozdemir, General Manager, Milli Re has stated in a recent interview with Al Bayan Magazine.
4 February 2021DELOITTE 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 2021
