Initiatives and regulations introduced by the Insurance and Private Pension Regulation and Supervision Authority (SEDDK) has stemmed the use of fake surety insurance policies in the country, according to Insurance Association of Turkey (TSB) vice president Ahmet Yasar.
Preparations to transform the Turkish Compulsory Insurance Pool (TCIP) from covering compulsory earthquake insurance to providing mandatory disaster insurance have been completed, except for legislation to be enacted by Parliament.
Premiums charged in the Compulsory Earthquake Insurance scheme are to be increased monthly, following new regulations issued by the Insurance and Private Pension Regulation and Supervision Agency (SEDDK).
Neova Sigorta (Neova), the first operator to launch participation insurance (takaful) in Türkiye, has announced its financial results for 2024 showing notable growth from the past year.
The lack of digital competence is seen as the biggest hurdle to digitalisation by insurance agencies, according to the results of a recent survey.
Generali Sigorta, Türkiye's oldest insurance company acquired by a consortium that included Kiler Holding, has been rebranded as Referans Sigorta (Reference Insurance).
The profitability of the insurance industry in 2024 was boosted by an increase in investment income, according to Mr Koray Erdogan, CEO of Ray Sigorta.
The Turkish insurance sector's 2025 agenda includes important transformation plans such as those involving the Compulsory Disaster Insurance (ZAS), Ray Sigorta CEO Koray Erdogan said at a recent media briefing.
The Turkish Catastrophe Insurance Pool (TCIP), known also as DASK, has disclosed that it had paid over TRY39.7bn ($1.1bn at the current exchange rate) to date in claims related to damages from the massive 6 February 2023 earthquakes that devastated 11 provinces.
The Compulsory Earthquake Insurance (DASK) rate in the provinces affected by the earthquakes in Kahramanmaras has increased from 49% to 57%, according to Türkiye Sigorta general manager Taha Çakmak in an article from insurance news outlet Sigorta Medya.