Turkiye Wealth Fund (TVF), owned by the government, has completed all stages of the strategic merger process of public insurance and pension companies, the sovereign wealth fund has said in a statement.
A Bill has been submitted to the Turkish Grand National Assembly to amend the Highway Traffic Law, which when passed will make motor third-party liability insurance compulsory for electric scooters.
Around four in 10 (38.6%) of farmers in Turkiye are covered by insurance while 17% of agricultural land in the country is insured, according to data from the Ministry of Agriculture and Forestry.
The total technical profits in the life insurance branch in Türkiye increased by 91% in the first three months of this year to over TRY6.4bn ($164m), compared to the corresponding quarter last year, according to data published by the Insurance Association of Türkiye (TSB).
The Insurance and Private Pension Regulation and Supervision Agency (SEDDK) has published a circular concerning the motor insurance premium/equity coefficient.
London-headquartered BMS Group, an independent global insurance and reinsurance broker, has expanded its presence in the Turkish market with the acquisition of Istanbul-based Oria Sigorta ve Reasurans Brokerligi.
A mid-7 magnitude rupture at the central-eastern Marmara Sea section would be likely to propagate eastward towards Istanbul, according to Dr Myrto Papaspiliou, head of International Catastrophe Model Research at Howden Re.
Türkiye is expected to suffer economic losses of around $300bn in the event of a major earthquake striking the country's commercial hub, Istanbul, the president of the Insurance Association of Türkiye (TSB), Mr Ugur Gulen, said.
The Turkish insurance industry is expected to reach a size of $30bn this year, according to the president of the Insurance Association of Türkiye (TSB), Ugur Gulen.
Neova Katilim Sigorta maintained its leadership in the participation insurance (takaful) market with a contribution volume of TRY6.6bn ($170.8m), representing a 41.2% market share, in the first quarter of this year, according to data released by the Insurance Association of Türkiye (TSB).