Heavy rainfall and flash floods that hit Istanbul in the early hours of July 18 have cost insurance companies TRY 200 million (USD 57 million), according to experts quoted by hurriyetdailynews.com.

A.M. Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of "bbb-" of MILLI Reasurans Turk Anonim Sirketi (MILLI Re) (Turkey). The outlook remains negative.

Turkish insurance market's GWP was of TRY 12.4 billion (about EUR 3.2 billion) in 1Q2017, 15.7% up y-o-y in nominal terms (and 4% more y-o-y in real terms), according to the preliminary data published by the local association - TSB.

The Turkysh authorities are considering to create a "Pool system" for the distribution of MTPL premiums and claims for high risk groups of vehicles. The pool would be managed by the Turkish Motor Vehicles Bureau, under the Treasury's supervision.

Motorcycle sales in Turkey are expected to rise by 10% this year due to a decrease in compulsory insurance tariff rates, according to the head of the Motorcycle Industry Association.

As part of a project launched by Turkish insurers to prevent motor premiums escalation and reduce the number of road accidents, drivers involved in more than three road accident per year may lose their driving licence.

Organized by Milli Re, the 31st round of the traditional "International Insurance Tennis Tournament" took place at Miltas - Suadiye Sports Complex, on 02-04 June 2017.

To expand the range of interest-free instruments, Turkey is preparing to introduce Islamic insurance into the financial system where members contribute money into a pooling system to guarantee each other against loss or damage.

Turkey's automotive sector, considered to be the country's economic locomotive, paid up more than TL 59 billion (USD 16.60 billion) in taxes last year. Finance Minister Naci Agbal pointed out these figures about the sector at the Authorized Automotive Dealers Association Congress last April. Calling the automotive sector an important source of income, Ağbal said, in 2016, they obtained TL 18.9 billion in excise duty, TL 10-15 billion in VAT, TL 10 billion in motor vehicle taxes, TL 10-15 billion in income tax, SGK and withholding.

Kuwait's Gulf Insurance Group acquires 100% stake in Turkey's AIG Sigorta Anonim Sirketi (owned by Toronto-headquartered FAIRFAX Financial Holdings) for USD 47.9 million, Reuters annouced.

Kuwait's Gulf Insurance acquires acquires 100 percent stake in Turkey's AIG Sigorta Anonim Sirketi for USD 47.9 million.

Having been assigned as the Assistant General Manager of Groupama in 2008 following the acquisition of Guven Insurance and reassigned as the General Manager of Groupama Insurance Inc. and Groupama Pension Inc., Ramazan Ulger will be retiring from office on April 30th, 2017 as a result of the mutual decision made with the Group Management. Recruitment process is continuing for the new General Manager and will be announced briefly.

However, there are many definitions for an entrepreneur, we can briefly define it as a person who takes risks. Yet, we should note also that an entrepreneur never takes uncalculated risks. An entrepreneur tries to make his/her desires come true taking the risk at the right time having tracked the opportunities.

On March 11th, 2017 it was announced that the landing permit was revoked for Mevlut CAVULOGLU, Minister of Foreign Affairs of Turkish Republic. In this process, the Turkish government announced that they are going to impose sanctions against the Netherlands if such practice continues.

In 2016 there were a number of huge leaks of personal data of Turkish citizens online. It's created a massive demand for products to insure individuals and businesses from losses caused by cyber crime. Yilmaz Yildiz, CEO of Zurich Turkey, outlines the first product they've brought to market to address this demand.

Meliha Yardim is assigned as the Human Resources Director of NN Life Insurance and Pension Previously was serving as the Director of Expertise Center and Business Partnership, Meliha Yardım will be responsible for the functions of HR in her new assignment.

Turkish insurer ANADOLU Sigorta, one of the largest providers of non-life insurance services in Turkey, with over 1 billion Euro in GWP in 2016, has announced that is live with FRISS solution Fraud Detection at Claims. The company turned to FRISS because the insurer is aware of the threat from fraudsters.

According to the announcement made by the Competition Authority on its official website, the transfer of the Isık Insurance Corp., once was controlled by the Asia Participation Bank Corp., to Turkish Agricultural Credit Cooperatives Central Association is approved.

Not another day pass without the bad news of fire incidents. We are bound to read a number of big or small fire incidents. These fire hazards are causing significant losses both material and immaterial. The total number of fire incidents only in 2016 in Istanbul adds up to 28,586. According to the statistics of Istanbul Fire Department, among these incidents 5,910 were residential and 153 were manufacturing plants. Almost 40% of all the fire incidents in Istanbul last year were due to smoking. Electrical malfunction follows smoking with a whopping 21.5%. As one may see, it is possible to eliminate at least 40% of the fire hazards if we were to observe the non-smoking warnings in commercial and industrial facilities.

As a customer, what do you see when you look at the insurance business? Complex processes, hard to read and hard to understand policies, strict procedures... As a person working in this sector for 16 years, I must admit that this is the picture in my mind.