The establishment of the Insurance and Private Pension Regulation and Supervision Agency (SDDK) is an important step for the expansion of the Turkish insurance sector and a positive development that industry players have been looking forward to for a long time, says Turkey Insurance Association (TSB) president Atilla Benli.
A presidential decree related to the Insurance and Private Pension Regulation and Supervision Agency (SDDK) has been gazetted, opening the way for the establishment of the new independent regulator.
Around 40,000 people in Istanbul have acquired earthquake insurance for their homes in the four days since a magnitude 5.8 quake hit the coast of the Silvri region, west of Istanbul, on 26 September.
The Turkish Ministry of Treasury & Finance has established Turk Reasurans (Turk Re) to support the local insurance sector. The ministry is the reinsurer's only shareholder.
Turkish insurers remain vulnerable to economic and political turbulence, as well as limited pricing control in motor third-party liability business, says AM Best.
Morocco is one of only two countries with a plan to reduce its CO2 emissions to a level consistent with limiting warming to 1.5 degrees C, reported National Geographic quoting Climate Action Tracker (CAT) which is an independent scientific analysis produced by research organisations tracking climate action since 2009. The other country is Gambia.
Seismology experts say that Istanbul, a city of 15m people, falls short in its preparations for a large earthquake.
The credit quality of the Turkish insurance sector may continue to weaken given the macro-economic pressure on the quality of insurers' assets, Fitch Ratings says in a new report. Asset quality is likely to remain the key rating weakness for Turkish insurers in the medium term.
Takaful insurance in Turkey posted contributions of TRY1.92bn ($335m) in the first seven months of this year, representing growth of 56.5%.
HDI Sigorta, a subsidiary of German insurance giant Talanx, has received approval from the General Directorate of Insurance of the Finance and Treasury Ministry to purchase non-life insurer Ergo Sigorta.