The inconsistent performance of buildings during the 2023 Kahramanmaras earthquakes in southern Turkey has again highlighted the issues of enforcement of the building regulations, according to a recent blog published by the Global Earthquake Team at Moody's.
Educating the public about the importance of insurance must be approach in a more integrated way, according to Mr Uger Gulen, president of the Insurance Association of Turkiye (TSB).
The Turkish Catastrophe Insurance Pool (TCIP) has disclosed that the compulsory earthquake insurance (ZDS) rate in the country is currently 57%, with the number of insured residential properties exceeding 11.3m.
Two-thirds (67%) of respondents in a poll in Turkiye said that they were concerned about loss of income for the short or medium term, according to the findings of BNP Paribas Cardif's "Protect & Project Oneself" survey.
Participation insurance (akin to takaful), which grew by 93.7% in the first half of the year, increased its market share in Turkiye to 5.5% with a premium volume of TRY21.25bn ($633.6m), according to data compiled by the Insurance Association of Turkiye (TSB).
The insured property market loss for the 6 February 2023 Kahramanmaras Earthquake Sequence is TRY116.9bn ($6.2bn at February 2023 exchange rates) at February 2023 exchange rates), says PERILS, the independent Zurich-based organisation providing industry-wide catastrophe insurance data.
Turkiye Sigorta, the leading company in the Turkish non-life insurance sector, is targeting to achieve a market share of 9-10% in its health insurance business by the end of 2024.
With rising interest in supplementary health insurance, the Turkish health insurance market continued to grow. Premiums exceeded TRY63bn in 1H2024, with real growth of 16.8% compared to 1H2023.
Turkiye Sigorta,the leading non-life insurer in Turkiye, and Turkiye Hayat Emeklilik, the country's biggest life insurer, have announced a combined net profit of TRY11.22m ($340m) for the first six months of 2024.
The total premium production of the Turkish insurance companies in the first half of 2024 jumped by 80.8% compared to the corresponding six months in 2023.