Construction surety insurance is included in Turkiye's newly-released three-year economic plan, the Medium Term Programme (MTP) covering the years 2024-2026, in a section relating to disaster preparedness.
The new complementary retirement insurance system, the Supplementary Retirement System (TES), will come into force next year, according to Turkiye's three-year economic plan, the Medium Term Programme (MTP), covering the years 2024-2026.
The legislative infrastructure and ecosystem for participation insurance (takaful) will be improved, and regulations will be implemented for the more effective and transparent implementation of insurance techniques compatible with participation finance principles.
An extraordinary general assembly of the Insurance Association of Turkiye (TSB), held on 14 September 2023, has elected Mr Ugur Gülen as the new president of the organisation.
Türk Reasürans has posted a net profit of over TRY708m ($26.4m) in the first half of 2023, on the back of premium income of TRY4bn, according to the company's general manager Ms Selva Eren.
The premium income to be generated from construction and engineering insurance business is estimated to increase by up to 50% this year, Murat Çiftçi, CEO of IBS Insurance and Reinsurance Brokerage.
The number of vehicles running on the roads of Turkiye is around 27.525m, of which 5.626m are uninsured, according to official data.
A solution-oriented culture will be a focus of the insurance industry, according to Mr Ugur Gülen, who is a candidate for the position of president of the Insurance Association of Turkiye (TSB).
The high investment income posted by the insurance industry in the first half of this year is not sustainable, given that cost pressures would rise due to inflation caused by the exchange rate changes, according to the deputy chairman of the Insurance Association of Turkiye (TSB), Mr Taylan Türkölmez.
Only 40% of industrial facilities in Turkiye are covered by fire insurance, indicates Mr Anil Yamaner, general manager of Falcon, which operates in the industrial firefighting business.