The Insurance Association of Turkiye (TSB) has started studies on strategies for the industry for the years 2025-2030, Mr Uger Gulen, the industry body's president, has revealed. The objective is to shape the TSB to better support all stakeholders and develop the industry.
Minister of Treasury and Finance Mehmet Simsek has announced that Türkiye's compulsory earthquake insurance scheme, the Turkish Catastrophe Insurance Pool (TCIP) will be expanded to cover other disasters including flood, landslide, storm, hail, avalanche and forest fire.
The combined fund size in Turkiye's Private Pension System (BES) and Automatic Pension Enrollment System (OKS) has crossed TRY1tn ($31bn) for the first time, according to a statement from the Insurance Association of Turkiye (TSB). The total number of subscribers has reached 16.39m.
The number of vehicles covered by traffic insurance (also known as motor third-party liability insurance) in Turkiye exceeded 23.34m as of the end of March, according to data from the Insurance Association of Turkiye (TSB).
With the publication of annual reports in recent weeks, the world's three biggest reinsurers have indicated the quantum of claims incurred due to the massive February 2023 earthquake that hit Türkiye and Syria.
Total premium production of insurance companies in the January-March period of 2024 increased by 91.8%to TRY199.3bn ($6.15bn) in nominal terms compared to the corresponding quarter of last year, according to data compiled by the Insurance Association of Turkiye (TSB) from member companies.
Turk P&I's earnings have been strong over the past five years and Fitch Ratings views its financial performance and earnings as a rating strength. However, in 2H2023 earnings were reduced by large claims as a result of storms in Marmara and the Black Sea region.
When insurers call for free tariff rates for traffic (compulsory motor third-party liability) insurance, foremost on their mind is that premiums must be priced fairly, according to Insurance Association of Turkiye (TSB) secretary-general Ozgur Obali.
Motor insurers posted a combined underwriting loss of TRY33bn ($1bn) in 2023 in the traffic (compulsory motor third-party liability) insurance branch, according to Insurance Association of Türkiye president Ugur Gulen. No company made an underwriting profit in the branch.
The insurance penetration rate in Turkiye reached 2.3% for the first time in the last 10 years and the country is moving towards the goal of reaching 3%, according to Mr Ugur Gulen, who was re-elected as the president of the Insurance Association of Türkiye (TSB) in April 2024.