Turkiye
Turkey: 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 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 2020
