Türk Reasürans has appointed Mr Özgür Bülent Koç as general manager, according to news platform Sigortaci.
The Turkic World Insurance Union (TWIU) has been officially launched with its first general assembly meeting held in Shusha, the cultural capital of Azerbaijan. The association is founded by Azerbaijan, Turkey, Kazakhstan, Uzbekistan, and Kyrgyzstan.
All insurance companies that offer mandatory motor third-party liability (MTPL) insurance reported losses in the branch in the first half of this year, according to data from the Insurance Association of Turkiye (TSB).
While small and medium-sized enterprises (SMEs) make up 99.7% of all enterprises in Türkiye, the insurance rate for them remains at 32%, according to Mr Oktem Orkun, deputy general manager of elementary commercial insurance at Allianz Turkiye.
Eleven insurance companies have appeared on the list of the top 100 taxpayers in Turkey, paying a total of TRY23.5bn ($569m) in taxes for 2024, according to data released by the Revenue Administration.
AM Best has upgraded Milli Reasurans' (Milli Re) Financial Strength Rating (FSR) to 'C++' (Marginal) from 'C+' (Marginal) and Long-Term Issuer Credit Rating (Long-Term ICR) to 'b' (Marginal) from 'b-' (Marginal). Concurrently, AM Best has revised the outlook for the Long-Term ICR to 'Positive'. The outlook for the FSR is 'Stable'.
The participation insurance (takaful) market in Turkiye attracted contributions exceeding TRY32.5bn ($790m) in the first half of the year. This marked a growth of 53.5% compared to the corresponding period last year.
The Turkish Ministry of Justice plans to overhaul the insurance dispute resolution process by making mediation mandatory for insurance claims before they are brought before the Insurance Arbitration Commission (IAC).
The Turkish insurance sector demonstrated significant growth in 2024, with total profits reaching TRY31.8bn, a 59.46% increase compared to the previous year, according to KPMG, a global professional services firm.
Approximately 11.5m of the 20.3m households across Turkiye have compulsory earthquake insurance, representing an insurance coverage rate of 57.4%, according to data from the Turkiye Catastrophe Insurance Pool (TCIP). The coverage rate is considered inadequate in a country located in an earthquake zone.