Turkiye: Tests on traffic insurance bidding platform begin

Source: Middle East Insurance Review | Jul 2023

The testing phase for the Traffic Insurance Bidding Platform has started in June, according to Mr Insurance and Private Pension Regulation and Supervision Agency president Mehmet Eroglu. The new system will be implemented throughout the country after the trials are completed.

Mr Eroglu said that the platform, which deals with motor third-party liability insurance, is a system designed to ensure that vehicles are not left uninsured when an insurer declines the risk of a particular vehicle or driver. The platform is set up by the Istanbul-headquartered Insurance Information and Monitoring Centre.

He said that all insurance intermediaries can become members of the platform. It is mandatory for the 27 insurers in Türkiye that are licensed to sell traffic insurance to be members. He said that traffic insurance (motor third-party liability insurance) accounts for 30% of the total premiums generated each year by the insurance sector and directly concerns 27m vehicle owners. M

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