Vehicle owners will have to pay higher premiums for motor compulsory third-party liability (CTPL) insurance with effect from 1 June 2022, according to a regulation revised by the Insurance and Private Pension Regulation and Supervision Agency (SEDDK) which was published in the Official Gazette.
The regulatory price cap on compulsory motor third-party liability (CMTPL) insurance, introduced in April 2017, has seen losses in this branch of insurance in the past five years, except for one year.
Turk Reasurans (Turk Re) has introduced its Catastrophic Modelling Platform-CATMOD which is planned to be put into use in 2023 renewals.
The Insurance Association of Turkey (TSB) has drawn up reform measures that would be undertaken until 2024, aimed at increasing the insurance penetration rate by developing insurance products and boosting the insurance sector's contribution to the Turkish economy.
Some insurance companies that have started implementing International Financial Reporting Standards 17 (IRFS 17), in parallel with their existing financial reporting system, have started their audit preparations for IFRS 17 reports at the same time, EY Turkey Actuarial Advisory Services Senior Manager Ms Busra Kodaman. says.
The current insurance legislation in Turkey needs to be updated to provide for developments such as digitalisation, according to Mr Ramazan Ulger, a doyen of the insurance industry.
The Insurance and Private Pension Regulatory and Supervisory Agency (SEDDK) has decided to increase premiums for compulsory motor third-party liability insurance (also called traffic insurance) by 2.25% every month.
The non-life insurance sector in Turkey saw its technical profits fall by 6.4% from around TRY8bn ($546m) in 2020 to TRY7.48m in 2021, according to data from the Insurance Association of Turkey (TSB).
Consumers, aged 18 to 25 tend to focus on personalisation of structures, products and services that flexible and suitable for their budgets, says Generali Sigorta. This is one of seven common characteristics listed by the insurer of the new generation of consumers aged 15-25 to whom technology is central to their lives.
High medical inflation and the weakened Turkish lira have led to a doubling of health insurance prices and are making it difficult for insurers to price health insurance plans.