The participation insurance (takaful) market in Turkiye attracted contributions exceeding TRY32.5bn ($790m) in the first half of the year. This marked a growth of 53.5% compared to the corresponding period last year.
Insurance premiums are expected to increase soon, as the government is planning to increase the tax rate to strengthen the Solidarity Fund against Catastrophic Events (FSEC).
Arabian Shield Cooperative Insurance Co has announced that it had reached a final agreement for SAR25m ($66.7m) as full and final compensation for all damages and losses arising from a 2022 fire incident.