State owned Turk Reasurans has reported a string of successes in the past 12 months since it was established in September 2019 to increase domestic reinsurance capacity in Turkey.
Turk Reasurans general manager Ms Selva Eren, in a review of the company's first-year activities, said in a statement, “We have participated in the treaties of 17 insurance companies. We provided a significant amount of capacity to the industry in a short period of eight months for discretionary risks. Also in this period, we took over the technical management of DASK (Turkish catastrophe insurance pool).
“We will soon sign many projects that will add value to this very important institution. We contributed to the reinsurance activities of many important institutions of our industry such as TARSIM and took part in reinsurance agreements. We implemented the reinsurance structure of state supported credit insurance, and we contributed to the restructuring of the product and brought it to a wider customer segment."
Ms Eren said that the premium production of Turk Re in the first six months of this year reached TRY597m ($73m) and tha the target for the whole year was to exceed TRY1bn in premium income. The profit for the period was TRY29.6m.