TURKEY: Average MTPL premium falls by 24% in wake of price cap
Mr Simsek says that MTPL premiums are now at a reasonable level and that measures introduced by the government have helped to resolve problems in motor insurance. Read the full story
Bupa, the international healthcare company, announces it has completed the acquisition of Acıbadem Sigorta, Turkey's second largest health insurer.
A stagflation scenario is a highly probable in Turkey and the non-life insurance market will be impacted. On the other side, due to inflation and higher interest rates, insurers will also see higher investment income, Yilmaz YILDIZ, CEO of Zurich Insurance Turkey told the World Finance quarterly.
The Turkish Ministry of Treasury and Finance has extended for another year the ceiling on MTPL tarrifs.
The Turkish insurance market ended 3Q2018 with GWP worth TRY 39.5 billion, 18.16% up y-o-y. Yet, the dramatic depreciation of the Turkish Lira against Euro has affected once again the market results denominated in European currency, translating them in a double digit negative change.
Turkey's insurance market will see soon a new reinsurance pool being formed, according to the provisions of the New Economic Plan (YEP) aiming to ease access of the so called "risky enterprises" to insurance programs.
The preliminary half-year market figures published by the local insurance association (TSB) shows the insurance sector in Turkey generated total premiums of TRY 27.87 billion (EUR 5.24 billion), an increase of 20.5% y-o-y. After considering inflation, real growth in the sector was 4.4%.
BUPA, the international healthcare company, announced that it has agreed to acquire Turkey's second largest health insurer, ACIBADEM Sigorta, subject to regulatory approvals.
MILLIMAN, a premier global consulting and actuarial firm, has announced that it is expanding to Istanbul amidst growing demand for MILLIMAN's consulting services in the region.
The quarterly figures from the Turkey Insurance Association revealed that the local insurance market reached TRY 14.6 billion (EUR 3 billion) at the end of March 2018, up by 17.6% y-o-y.
The independent re/insurance broker BMS Group Limited (BMS) said it has entered into a tied representative agreement with Turkish specialist re/insurance broker RONESANS Reasurans ve Sigorta Brokerlik A.S. (RONESANS).
Global re/insurance broker AON has named veteran AON leader, Lambros LAMBROU as Global Chief Executive Officer (CEO) of its Commercial Risk Solutions division.
FAIRFAX Financial Holdings Limited announced that Peter CLARKE has been appointed Vice President (VP) and Chief Operating Officer (COO) of FAIRFAX, reporting to FAIRFAX President, Paul RIVETT.
Adam ROMAN, board member of Ergo Hestia (Poland), will hold the position of Head of Global P&C of the ERGO group, effective 1 March. His tasks will include supervision over property insurance of the group in the areas of underwriting, actuarial and pricing, as well as reinsurance.
Jad ARISS, currently Group Head of Public Affairs and Corporate Responsibility with AXA, has been appointed Secretary General of The Geneva Association, effective 1 March 2019.
Guvanch NURMUKHAMMEDOV has been appointed as the new General Director of the State insurance organization, the single insurance institute of Turkmenistan, as the State information agency of Turkmenistan wrote.
Insurance should be accessible to all social classes, regardless of their wealth & income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. Inclusive insurance's goal is making insurance available to all, with responsible insurance offers, thus making up for a solution to narrow the insurance coverage gap in the region.
Property and motor insurance lines are providing for about 75% of the non-life insurance business in the CEE region, but are responsible for over 77% of the claims expenses. As such, although other classes of risks are emerging, for the time being and most probably for a rather long period ahead, property and motor insurance lines will continue to be at the heart of CEE's insurance market architecture.
To the satisfaction of its traditional guests, FIAR returns in 2019 to its historical hometown, Sinaia. The forthcoming edition will benefit from the comfort and professional facilities of a new venue, the Conference Center of the International Hotel ****, located in the heart of the beautiful mountain resort. Registration is opened at a significantly discounted early bird rate until 28 February.