Turkey: Regulator continues to cap price increases in motor third party insurance business
Source: Middle East Insurance Review | Jan 2021
The Insurance and Private Pension Regulation and Supervision Authority (SEDDK) has extended the application of a ceiling on premiums for compulsory motor TPL insurance for another year starting on 1 January 2021.
The goal is to keep the premiums at reasonable levels for the insured.
The ceiling has been applied to premiums for high-risk drivers, including drivers of cabs, minibuses, commercial buses and trucks since 12 April 2017, following vehicle owners’ complaints over steep premium hikes in 2015 and 2016.
The SEDDK also determined the premium increase rate in traffic insurance for next year. Starting in January 2021, premiums will be increased by 1% every month. M