A mid-7 magnitude rupture at the central-eastern Marmara Sea section would be likely to propagate eastward towards Istanbul, according to Dr Myrto Papaspiliou, head of International Catastrophe Model Research at Howden Re.
Türkiye is expected to suffer economic losses of around $300bn in the event of a major earthquake striking the country's commercial hub, Istanbul, the president of the Insurance Association of Türkiye (TSB), Mr Ugur Gulen, said.
The Turkish insurance industry is expected to reach a size of $30bn this year, according to the president of the Insurance Association of Türkiye (TSB), Ugur Gulen.
Neova Katilim Sigorta maintained its leadership in the participation insurance (takaful) market with a contribution volume of TRY6.6bn ($170.8m), representing a 41.2% market share, in the first quarter of this year, according to data released by the Insurance Association of Türkiye (TSB).
Gallagher, one of the world's largest insurance brokerage, risk management and consulting firms, has acquired Türkiye-based Aspera Sigorta ve Reasürans Brokerligi (Aspera). The terms of the transaction were not disclosed.
Insurance companies in Turkiye have learned the necessary lessons from the devastating 6 February 2023 Kahramanmaras earthquakes and are ready for a possible mammoth Marmara earthquake, according to the president of the Insurance Association of Turkiye (TSB), Mr Ugur Gulen.
Around 20m comprehensive automobile insurance quotations are given annually, of which 8.5m were subsequently converted into purchases, according to the Insurance Association of Türkiye's (TSB) vice president Ahmet Yasar who is also president of Maher Holding Insurance Group.
Türkiye's second-hand automobile market is the dynamo of the motor insurance sector because its ecosystem has a volume seven times larger than the new-vehicle market, according to Quick Finans General Manager Nihat Karadag.
The first phase of the "E-Government/My Private Insurance" project has been completed successfully. The project involves setting up a platform to provide fast, easy and effective insurance access and transactions.
The Turkish government is preparing to introduce long-term care insurance for the elderly to ensure the sustainability of the social security system and to meet the needs of the rapidly ageing population.