Fitch Ratings has upgraded Turk P&I's Insurer Financial Strength (IFS) Rating to 'B+' from 'B'. The outlook is 'Positive'.
War risk premiums appear to have soared from approximately 0.1% of the value of a ship to 0.7-1%, given the perils faced by commercial ships in the Red Sea, says the Insurance Association of Turkiye (TSB).
TARSIM, the Agricultural Insurance Pool, has paid out TRY39m ($1.2m) to greenhouse producers in the southern province of Antalya whose crops were damaged by a recent tornado.
The problem of insufficient premiums in compulsory motor third-party liability insurance (known as traffic insurance) imposes a great burden on the sector, with many insurers suffering technical losses in the branch, according to Mr Ceyhan Hancioglu, general manager of Magdeburger Sigorta.
The Insurance and Private Pension Regulation and Supervision Agency (SEDDK) will hike premiums for compulsory motor third-party liability insurance (also called traffic insurance) based on the damage cost index, starting in May 2024.
The Insurance and Private Pension Regulation and Supervision Agency (SEDDK) has stipulated that insurance, reinsurance and pension are to commence the implementation of inflation accounting on 1 January 2025.
The insurance industry in Turkiye faces several challenges, according to the chairman of the Istanbul Chamber of Industry, Mr Erdal Bahcivan.
Insurance sales jumped immediately after the devastating February 2023 7.8 magnitude earthquake, but this spike lasted for around three months only, according to Insurance Association of Türkiye (TSB) member of the board Yavuz Olken.
Insurance companies in Turkiye paid out a cumulative TRY50bn ($2.6bn at February 2023 exchange rates) in compensation claims as of 5 February 2024 related to the massive 6 February earthquakes in 2023, according to Insurance Association of Turkiye (TSB) president Ugur Gulen.
The Turkish Catastrophe Insurance Pool (TCIP) has paid compensation amounting to TRY35bn ($1.14bn) for damages caused by the massive Kahramanmaras-centred earthquakes that occurred on 6 February 2023.