Turkiye
STATISTICS: 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 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 2020
