While Turkish insurers demanded increased reinsurance capacity and lower prices at the 2024 Baden-Baden Reinsurance Meeting held last week, reinsurers were cautious about providing capacity and generally demanded higher price.
Professionals in the insurance sector do not receive sufficient training in risk management, in the view of Mr Ceyhan Hancioglu, general manager of Magdeburger Insurance.
Reinsurance capital is at its peak now with sufficient capital to cover the 2025 and beyond; yet, addressing the protection gap could be via the use of non-traditional reinsurance tools, said Guy Carpenter president, global accounts Charles Whitmore.
The Insurance Association of Türkiye (TSB) is coordinating with all stakeholders, including the government, to forge a plan with a new vision and fresh targets for the coming decades with the main goal of raising the penetration rate.
Financial resilience is a top priority for the insurance authorities in Türkiye and there are great efforts being made to strengthen the insurance sector, said Mr Davut Mentes, chairman of the Insurance and Private Pension Regulation and Supervision Agency (SEDDK).
NN Group of The Netherlands has reached an agreement to sell its Turkish operations, consisting of life insurance and pension business, to Zurich Türkiye.
The Insurance Association of Turkiye (TSB) has held a brainstorming event during which participants set several 10-year goals for the insurance sector.
The Turkish government aims to start the operations of the Supplementary Retirement System (TES), a mandatory scheme, in the last quarter of 2025, according to local media reports.
Italy's global insurer, Generali, has reached an agreement for the sale of its 99.99% stake in Generali Sigorta to several Turkish parties.
Turk P ve I Sigorta (Turk P&I), Turkiye's first protection and indemnity (P&I) insurance provider, implemented an increase in paid-in capital of TRY200m ($5.86m) in September 2024 and expects to restore the regulatory solvency ratio to over 100% by end-2024, says Fitch Ratings.