In almost all regions and programmes, reinsurance renewal talks are shaped around discussions on communicable diseases and cyber risk. Exemption clauses related to these have become the norm in reinsurance agreements, according to Ms Gunes Karakoyunlu, Milli Re's domestic reinsurance admissions manager.
Leading independent specialty Managing General Agent Nexus Group has announced that Labuan-based Nexus Structured Solutions has developed a groundbreaking, 10-year structured reinsurance deal for innovative niche Turkish insurer, Koru Sigorta Anonim Sirketi, covering its Motor Third Party Liability (MTPL) book of business with capacity provided by an 'AA-' rated global reinsurer.
Turkish Finance Minister Lutfi Elvan has said that the government will take concrete steps to move the insurance and private pension industry forward.
The initial industry loss estimate for the magnitude-6.9 earthquake of 30 October 2020, which predominantly affected the province of Izmir in western Turkey, is TRY532m ($68m), according to PERILS, the independent Zurich-based organisation providing industry-wide catastrophe insurance data.
The Turkish Insurance Institute Foundation [Turk Sigorta Enstitusu Vakfi (TSEV)], the Azerbaijan Insurers Association (AIA) and the Central Bank of Azerbaijan (CBA), have agreed to develop human resources and professional personnel in the insurance sector in Azerbaijan.
The Insurance and Private Pension Regulation and Supervision Authority (SEDDK) has extended the application of a ceiling on premiums for compulsory motor third party liability insurance for another year starting on 1 January 2021.
Lloyd's broker Turker has announced the launch of a first-of-its-kind Turkey Earthquake Industry Loss Warranty (EQ ILW) product, designed to create a new market for insurers, reinsurers and ILS companies.
Turkey is among the 10 insurance markets with the highest insurance potential in the world, both in the life and non-life segments, according to MAPFRE Economics' Global Insurance Potential index (MAPFRE GIP) which is based on the latest available data from 2019.
One of Turkey's largest insurers, Anadolu Sigorta, has introduced an innovative product that adds earthquake coverage to health insurance at a small premium. The product is the first in the insurance sector.
The insurance industry achieved a technical profit of TRY13.9bn ($1.8bn) for the first nine months of 2020, representing an increase of 72.8% compared to the corresponding period last year, according to data from the Insurance Association of Turkey (TSB).