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.
According to preliminary figures the Insurance Association of Turkey (TSB) has published of total gross written insurance premiums collected, there has been a 72.5% increase, from TRY468tn ($13.6bn) in December 2023 to TRY838.5tn in December 2024.
Life and non-life insurance business in Turkiye registered notable growth rates in the past year, while participation insurance continues to record impressive growth rates, according to the Association.
The total catastrophic coverage in the Turkish market is predicted to amount to EUR14-15bn ($14.7-15.8bn) in 2025, compared to EUR12bn for 2024, including proportional agreements, event limits and coverage under Cat XL programmes.
The medical cost trend in Türkiye is projected to remain relatively high in 2025, albeit a reduction compared with 2023 and 2024, according to a report released by WTW, a leading global advisory, broking and solutions company.
The Insurance Association of Turkiye (TSB) has announced that it has become mandatory for buyers of second-hand vehicles to have compulsory motor third-party liability insurance (traffic insurance) before the vehicle purchase transaction.
The Turkish reinsurance market is in a more positive situation this year compared to last year, according to senior industry executives.
More than 40% (45.4%) of respondents to a survey think that their retirement income will be low, highlighting that their financial concerns about retirement are quite high, according to AgeSA, a private pension and life insurance company.
A member of the board of the Insurance Association of Turkiye (TSB) has called for issues related to compulsory motor third-party liability insurance (traffic insurance) to be resolved so that attention can be focussed on other matters.
The Insurance Association of Turkey (TSB) has outlined its expectations for 2025 for the industry.