Reinsurance premiums have been raised due to the increasing natural disasters all over the world, which include the 6 February Kahramanmaras earthquake in Turkiye, according to Mapfre Sigorta general manager Mr Erdinç Yurtseven. The increases will also be reflected in policy premiums in 2024.
Two-thirds (65%) of residential properties in Istanbul, making up approximately 4.15m homes, have taken up mandatory earthquake insurance, according to data released data by the Turkish Catastrophe Insurance Pool (TCIP).
Anadolu Anonim Turk Sigorta Sirketi's (Anadolu Sigorta) is expected to report a positive net result in 2023 but its underwriting operations would continue to make heavy losses, says Fitch Ratings.
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.