Regulations need to be drafted to cover the issue of equivalent parts in compulsory motor third-party liability insurance (also known as traffic insurance), according to Mr Davut Mentes, the president of the Insurance and Private Pension Regulation and Supervision Agency (SEDDK).
Turkiye's need for a pay-as-you-go model elderly care insurance is not just a policy problem but also problem that has a bearing on macroeconomic stability, according to Mr Bunyamin Esen, a Social Security Inspector and former head of Strategic Development at the Social Security Institution.
Insurance industry figures have once again called for the free pricing of motor compulsory third-party liability insurance (also called traffic insurance) to resolve underwriting losses in this insurance branch.
Insurance companies in Turkiye will not face huge difficulties in adopting inflation accounting, according to EY Turkiye tax partner and leader of financial services Levent Atakan.
The insurance market in Turkiye generated a total premium income of TRY483bn ($15.1bn) in 2023, an increase of 105% compared to 2022, Mr Ugur Gulen, president of the Insurance Association of Turkiye (TSB), indicated.
Compulsory motor third-party liability (CMTPL) insurance business, also referred to as traffic insurance in Türkiye, chalked up a technical loss of TRY13.7bn ($424m), after offsetting investment income, in 2023. The loss widened from TRY11.7bn in 2022, Insurance Association of Türkiye president Ugur Gulen said when he reviewed the performance of the insurance industry..
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.