Turk Reasurans (Turk Re) recorded total assets of TRY23.6bn ($696m) as it marked the fifth anniversary of its founding this month, its general manager, Ms Selven Eren, told the local media. The company's equity of an initial paid-in capital of TRY600m ($17.7m) increased to TRY4.3bn over the last five years.
Turk Re was established on 6 September 2019 to increase the domestic reinsurance capacity in Turkiye and ensure resource efficiency, with its capital fully provided by the Ministry of Treasury and Finance. The company today provides coverage to 16 insurance companies and three institutions in the country. It also provides reinsurance in 57 different countries on five continents.
Turk Re increased its share in the Turkish reinsurance market to 57% as of the end of the first quarter of 2024.
Highlights of developments at Turk Re in the past five yaars are:
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Turk Re established Turk Participation Reasürans Company in September 2021 to provide retakaful capacity in this field.
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In December 2022, Türk Reasurans established a technopark company called T-Rupt Technology to offer innovations in insurance, reinsurance, and catastrophic modeling. The catastrophic modelling product CATMOD developed within T-Rupt is the first in Turkiye and one of the few solutions in the world.s.
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Turk Re increased the payment capacity of the Turkish Catastrophe Insurance Pool (DASK), of which it assumed the technical operation in 2020, from TRY25bn to TRY280bn. DASK made payouts totalling TRY37.7bn to the insured in a record period of six months following the 6 February Kahramanmaras earthquakes.
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Turk Re completed the transformation of DASK from a pool that provided compulsory earthquake insurance into one that offers compulsory disaster insurance (ZAS).
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The Special Risks Management Centre (ORYM), established in 2021 and managed technically by Turk Re, offers special coverage against risks for which insurance is difficult to obtain or for which no coverage is available, runs the State Supported Receivables Insurance, Mining Workers Compulsory Personal Accident Insurance and Medical Malpractice Liability Insurance Pools. ORYM has also assumed a key role in resolving collateral problems caused by the Russia-Ukraine crisis and provides coverage in the areas of aviation all risks, commodity transportation insurance (agricultural), commodity transportation insurance (other commodities), and hull war insurance in line with the interests of Turkiye.