Reinsurance placements and renewals for 2020 have been completed without any major problem for the insurance industry, according to industry sources.
First Takaful Insurance expects the proceeds from selling its 35% stake in a Turkish insurer to range from KWD11.5m ($37.7m) to KWD13.1m.
The solution to uninsured fire risk in Turkey is to start by drawing up a masterplan on how to mitigate the risk, Turkey Insurance Adjusters Association president Ahmet Nedim Erdem has said.
About 1.84m or 55% of the total number of motorcycles registered with the traffic authorities are covered by insurance, estimates the Turkey Statistical Institute.
First Takaful Insurance (FTI) has signed a preliminary agreement to sell its stake in Neova Sigorta Insurance, a Turkish associate, according to a statement lodged with the Kuwaiti bourse.
Oman Insurance Company has announced that it is in the process of buying a further 49% stake in its subsidiary Dubai Starr Sigorta, an insurance company based in Istanbul which writes non-life insurance business.
The powerful 6.8-magnitude earthquake that struck eastern Turkey on 24 January can generate losses for insurers, as some 35% of houses in the quake-hit Elazig province had been insured, an official has said.
The Turkish insurance industry produced TRY69.2bn ($11.7bn) in premiums in 2019, according to data released by the Turkey Insurance Association (TSB).
The Turkish insurance market, which saw growth of 24% in terms of premiums in the first 10 months of 2019, is expected to continue to expand this year, according to international professional services firm KPMG Turkey.
Turkey's Directorate General of Insurance (GDI) has signed a memorandum of understanding with the Afghanistan General Directorate of Insurance Affairs (GDIA) to assist Afghanistan in developing its insurance sector.