Motor insurers in Turkiye announced a combined loss of TRY10.6bn ($367m) in automobile third-party liability insurance ( called traffic insurance) for the first nine months of this year, a jump of 34% year on year, according to data from the Insurance Association of Turkiye (TSB).
Azerbaijan's insurance industry is profitable, Kyrgyzstan turns to compulsory lines of business to increase insurance penetration while Northern Cyprus plans to launch e-insurance policies.
Measures are needed to help the people and government in Turkiye to protect their assets and ensure their sustainability, Mr Ahmet Yasar, vice president of the Insurance Association of Turkiye (TSB) has said.
Much higher increases are expected in insurance premiums in the new year, even as premiums are already rising sharply because of high inflation.
The Ombudsman Institution (KDK) has recommended that the insurance compensation payable to those whose homes were damaged in the 6 February Kahramanmaras-centred earthquake be based on 2023 tariffs instead of 2022 rates.
Mr Mehmet Akif Eroglu has resigned from his position as the president of the Insurance and Private Pension Regulation and Supervision Agency (SEDDK).
The Insurance Association of Turkiye (TSB) has outlined several actions taken by the insurance industry and the government following the devastating 6 February Kahramanmaras¸ earthquake.
The Turkish government aims to have 15.2m homes and workplaces covered by compulsory earthquake insurance by 2028. This goal is set out in the 12th Development Plan which applies to the period 2024-2028.
Complementary health insurance (TSS) has gained popularity in Turkiye and become the locomotive of the health branch.
Turkiye's global pension index value increased from 45.3 in 2022 to 46.3 in 2023 due to small improvements in each of three sub-indices, namely, adequacy, sustainability and integrity, says the Mercer CFA Institute Global Pension Index.