Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Sep 2024

Market Profile


Türkiye

Turkish broking at crossroads of transformation and sustainability

The booming Turkish economy has aided the growth of the insurance sector. This bodes well for the insurance broking community too.
 

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Insurance regulation in Türkiye meets market needs

The insurance market in Türkiye generated total premium income of TRY483bn in 2023, an increase of 105% compared to 2022. With growth like this, the insurance regulator has been kept rather busy.
 

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Türkiye's life insurance is ready for take-off

Life and pensions insurance in Türkiye accounts for a small share of GWP despite registering steady growth over the years. Nonetheless, the future bodes well for this line of business especially with the country’s population and low insurance penetration rate.
 

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Final loss report on 2023 Türkiye earthquake

Insurance losses from the Kahramanmaras twin earthquakes that devastated parts of Türkiye and Syria in 2023 have been put at $6.2bn by PERILS, an insurance industry catastrophe data provider.
 

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Turkish insurers and reinsurers boost non-proportional Nat CAT cover

Amid rising earthquake risks such as Kahramanmaras in 2023 and a challenging market environment, Turkish insurers and reinsurers are increasingly shifting towards non-proportional coverage, adjusting strategies to protect against escalating Nat CAT exposures. Major changes were made to treaty terms during 2024 renewals which Milli Re’s Ms Seda Orman Küçükçirkin describes as a late and tough 2024 renewal season. Middle East Insurance Review spoke with her to find out more.
 

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Türkiye: Motor still engine of non-life insurance

The Kahramanmaras earthquakes in 2023 may have contributed to rising awareness of fire and natural disaster policies, with a 124.3% increase in nominal terms, but motor business was still the main driver of the segment. Middle East Insurance Review caught up with Insurance Association of Türkiye’s Mr Ugur Gülen and AM Best’s Mr Ben Diaz-Clegg.
 

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