Turkiye
STATISTICS: 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 2020Fitch Assigns Turk P&I 'BB-' IFS Rating; Outlook Stable
Fitch Ratings has assigned Turk P ve I Sigorta A.S. (Turk P&I) a 'BB-' Insurer Financial Strength (IFS) Rating. The Rating Outlook is Stable. A full list of rating actions is below.
25 June 2020Turkey offers medical insurance to encourage tourism while pandemic still persists
Given that travel insurance policies' coverage for Covid-19 health incidents is still questionable, Turkey announced it will cover the cost of medical treatment for holidaymakers, as a measure included in its Safe Tourism Certification Program aiming to encourage international travelers to visit the country.
24 June 2020Milli Re's premium production increased by 26% in 2019
As of 2020 renewals, Turkish reinsurer Milli Re maintained its market share of 27% in the local insurance market by leading the reinsurance treaties of 17 ceding companies buying reinsurance protection on proportional bouquet basis, the company's Director and General Manager, Fikret Utku OZDEMIR stated in the Annual Report for 2019.
18 June 2020STATISTICS: SEE region, FY2019: Regional insurance market expanded to more than EUR 15 billion at the end of the year
At the end of 2019 the SEE insurance market (the region formed by Cyprus, Greece and Turkey) totaled about EUR 15.3 billion in terms of GWP, 12.5% more y-o-y, according to preliminary figures centralized by XPRIMM.
21 May 2020TURKEY: Over 8 milion homes still need to be covered by earthquake insurance
More than 8 million residential properties in Turkey still need to be covered by earthquake insurance, according to Resit CAKAS, President of the Association of Insurance Agencies (SAB), informed Middle East Insurance Review. Resit CAKAS noted that at present, in Turkey approximately 9.6 million houses are insured.
25 March 2020TURKEY: new standardized calculation method introduced for the MTPL claims starting 1 April
As of 1 April, new provisions introduced in the general rules related to compulsory MTPL will take effect, providing for standardized criteria for the compensations calculation, a recent press release of the Insurance Association of Turkey (TSB) has announced.
25 March 2020Fitch Ratings affirms Russia, Kazakhstan, Georgia, Turkey, Bulgaria and Hungary
During February 2020, Fitch Ratings, the leading provider of credit ratings, affirmed the ratings of Russia ('BBB'), Kazakhstan ('BBB'), Georgia ('BB'), Turkey ('BB-'), Bulgaria ('BBB') and Hungary ('BBB').
3 March 2020
