TURKEY: Farm insurance pool's coverage stands at 20% today
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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).
Turkish operational leasing company BORLEASE Otomotiv acquired MAGDEBURGER Sigorta, a non-life small insurer owned by two local units of German group ALLIANZ: the non-life unit ALLIANZ Sigorta (80%) and the life and pension company ALLIANZ Yasam ve Emeklilik (20%).
Total insurance premiums in Turkey reached TRY 46.5 billion (EUR 10.3 billion) in 2017, 15% up y-o-y, according to data from the Turkey Insurance Association (TSB). Due the depreciation of Turkish lira against Euro by about 20%, the nominal change in European currency was negative (-5.5%).
HOWDEN, part of HYPERION Insurance Group, announced that it has entered into an agreement to acquire a majority stake in Turkey largest independent re/insurance broker ACP from private equity fund MEDITERRA CAPITAL and existing management shareholders.
German insurer TALANX annoucend it has agreed to acquire 99.4% of the shares in LIBERTY Sigorta - the Turkish non-life subsidiary of US-based LIBERTY MUTUAL Group.
During 3Q 2017, Turkish insurers reported aggregate GWP worth TRY 33.43 billion (EUR 7.96 billion), a nominal growth rate of 14.76%, according to the quarterly statistics published by the Association of Insurance and Reinsurance Companies of Turkey.
Swiss Re announced that Andreas BERGER, currently Chief Regions & Markets Officer and a Board Member of the Management of Allianz Global Corporate & Specialty SE, will be appointed Corporate Solutions CEO and member of the executive committee effective April 1 2019.
Turkish reinsurer MILLI Re stated that Gokhan AKTAS has been appointed to the position of Manager of Foreign Inward Business on 01 September 2018.
Today has started in Moscow the 1st National Reinsurers Summit "National Reinsurers: Focus on global cooperation". Organized by the Russian National Reinsurance Company (RNRC) with the support of the Central Bank of the Russian Federation, the conference has the xprimm.com insurance portal as Media Partner.
On September 13, 2018, the Insurance Supervision Agency of Ljubljana organized its 4th conference on insurance. The subject of the event was Insurance in the Digital Future. Visit the event's web page to see the conference materials and photo gallery.
The 62nd edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers starts Sunday in Monte Carlo. XPRIMM Publications covering the CEE, SEE and CIS insurance markets are available at the XPRIMM stand in Fairmont Hotel, as well as at the most important venues in Monte Carlo.
Only 5% of cyber losses are insured, estimates Christian Fuhrmann, chief executive of global clients/North America, Munich Re. Very complex by nature and continuously changing, cyber insurance is one of the biggest challenges for insurers, he said.
AXA announced today that it has obtained all regulatory approvals required to complete the proposed acquisition of XL Group previously announced on March 5, 2018. The acquisition is expected to close on September 12, 2018, pending the satisfaction of the remaining customary closing conditions.
The latest editions of the XPRIMM Motor Insurance Report and Property Insurance Report will be launched in Monte Carlo, at the 62th edition of the "Rendez-Vous de Septembre," one of the most important international events dedicated to insurers, reinsurers, brokers, and reinsurance consultants.
Hannover Re expects to see stability in prices and conditions overall for the treaty renewals as at 1 January 2019 and promising opportunities for next year arising from digitalization, increased demand for coverage of cyber risks, as well as from various openings in the Asian growth markets.
Despite the high losses from 2017 the reinsurance market is still soft, James KENT, Global Chief Executive Officer (CEO) of Willis Re stated at a press briefing in Monte Carlo.