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Turkiye tag returned 544 results

  • Turkiye: Automobiles have highest traffic insurance coverage rate

    The number of vehicles covered by traffic insurance (also known as motor third-party liability insurance) in Turkiye exceeded 23.34m as of the end of March, according to data from the Insurance Association of Turkiye (TSB).

    Middle East | 16 May 2024
  • Türkiye: Top reinsurers disclose losses arising from Kahramanmaras earthquake

    With the publication of annual reports in recent weeks, the world's three biggest reinsurers have indicated the quantum of claims incurred due to the massive February 2023 earthquake that hit Türkiye and Syria.

    Middle East | 14 May 2024
  • Turkiye: Premiums in insurance market double in 1Q2024

    Total premium production of insurance companies in the January-March period of 2024 increased by 91.8%to TRY199.3bn ($6.15bn) in nominal terms compared to the corresponding quarter of last year, according to data compiled by the Insurance Association of Turkiye (TSB) from member companies.

    Middle East | 13 May 2024
  • Turkiye: Large claims erode Turk P&I's strong earnings

    Turk P&I's earnings have been strong over the past five years and Fitch Ratings views its financial performance and earnings as a rating strength. However, in 2H2023 earnings were reduced by large claims as a result of storms in Marmara and the Black Sea region.

    Middle East | 12 May 2024
  • Turkiye: Motor insurers want a traffic insurance pricing system that rewards good drivers

    When insurers call for free tariff rates for traffic (compulsory motor third-party liability) insurance, foremost on their mind is that premiums must be priced fairly, according to Insurance Association of Turkiye (TSB) secretary-general Ozgur Obali.

    Middle East | 08 May 2024
  • Türkiye: Insurers suffer underwriting losses in traffic branch in 2023

    Motor insurers posted a combined underwriting loss of TRY33bn ($1bn) in 2023 in the traffic (compulsory motor third-party liability) insurance branch, according to Insurance Association of Türkiye president Ugur Gulen. No company made an underwriting profit in the branch.

    Middle East | 07 May 2024
  • Turkiye: Insurers aim to improve penetration rate to 3%

    The insurance penetration rate in Turkiye reached 2.3% for the first time in the last 10 years and the country is moving towards the goal of reaching 3%, according to Mr Ugur Gulen, who was re-elected as the president of the Insurance Association of Türkiye (TSB) in April 2024.

    Middle East | 05 May 2024
  • Turkiye: Regulations needed to govern use of equivalent parts in vehicles

    Regulations need to be drafted to cover the issue of equivalent parts in compulsory motor third-party liability insurance (also known as traffic insurance), according to Mr Davut Mentes, the president of the Insurance and Private Pension Regulation and Supervision Agency (SEDDK).

    Middle East | 25 Apr 2024
  • Turkiye: Action urgent on elderly care insurance

    Turkiye's need for a pay-as-you-go model elderly care insurance is not just a policy problem but also problem that has a bearing on macroeconomic stability, according to Mr Bunyamin Esen, a Social Security Inspector and former head of Strategic Development at the Social Security Institution.

    Middle East | 24 Apr 2024
  • Turkiye: Appeal made again for motor pricing liberalisation

    Insurance industry figures have once again called for the free pricing of motor compulsory third-party liability insurance (also called traffic insurance) to resolve underwriting losses in this insurance branch.

    Middle East | 18 Apr 2024