STATISTICS: TURKEY, FY2018: Insurance posted 17.4 y-o-y growth rate in local currency
The insurance industry in Turkey posted a growth of 17.4% y-o-y in GWP to TRY 54.6 billion (EUR 9 billion) in 2018, according to preliminary data released by the Insurance Association of Turkey (TSB).
TURKEY: The number of registered vehicles increased 2.91% by the end of 2018
According to official statistics published by The Turkish Statistical Institute, at the end of 2018 there were 22,865,921 road motor vehicles registered in Turkish territory, an increase of 646,976 units (a +2.91% change) from 2017.
Bupa completes acquisition of Acıbadem Sigorta, Turkey's second largest health insurer
Bupa, the international healthcare company, announces it has completed the acquisition of Acıbadem Sigorta, Turkey's second largest health insurer.
TURKEY: Insurers' profitability may be maintained despite the current currency crisis
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.
TURKEY: Authorities extended the ceiling on MTPL premiums for another year
The Turkish Ministry of Treasury and Finance has extended for another year the ceiling on MTPL tarrifs.
STATISTICS: TURKEY, 3Q2018: double digit growth/decrease rates depending on the currency of denomination
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: reinsurance pool to be formed under the New Economic Plan; employees' participation in the private pensions system mandatory for three years
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.
STATISTICS: TURKEY, 1H2018: Insurance industry increased by one fifth to EUR 5.2 billion
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%.
TURKEY: BUPA to enter the local health insurance market through ACIBADEM Sigorta acquisition
BUPA, the international healthcare company, announced that it has agreed to acquire Turkey's second largest health insurer, ACIBADEM Sigorta, subject to regulatory approvals.
TURKEY: MILLIMAN continues global expansion, setting up a new office in Istanbul
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.
ON THE MOVE
GENERALI Group results for year 2018
In 2018, GENERALI Group operating result reached EUR 4,857 million (+3.0%), with a net profit of EUR 2,309 mil. (+9.4%). The total gross written premiums (GWP) of the Group amounted EUR 66,691 mil. (+4.9%).
Mark HILES left MARSH to join WTW's CEEMEA management team
Willis Towers Watson one of the largest re/insurance broker in the world announced it named Mark HILES as Head of Power and Utilities for the Central and Eastern Europe, Middle East and Africa (CEEMEA) region.
MetLife announced leadership changes as part of CEO transition
MetLife announced a series of changes to its senior leadership ranks in connection with its CEO transition, all of which are effective May 1, 2019. In January 2019, the BoD announced that Michel KHALAF, President, U.S. Business and EMEA, will become MetLife's President, CEO and Member of the Board effective May 1, replacing Steven KANDARIAN, who is retiring.
LLOYD's named Hayley SPINK as Head of Global Operations
LLOYD's aanounced the appointment of Hayley SPINK as Head of Global Operations. She takes over from Joe DAINTY, who leaves LLOYD's in March to join DXC.
HANNOVER RE launches an insurtech innovation platform
Germany-based Hannover Re launched a platform designed to bring the insurance companies and insurtech innovators closer. Through the "hr | equarium" platform, Hannover Re wants to facilitate the connection between supply and the demand for insurtech solutions, taking advantage of its worldwide spread.
Conclusions: TBILISI - the first Georgian International Insurance Conference
Today takes place in Tbilisi the first Georgian International Insurance Conference, an event that will put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system is the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.
Did you book your seat at one of the key European events dedicated to property and cyber insurance?
Climate risks have always produced high impact events, causing material and human losses that often have remained in collective memory as reference points. On the other hand, cyber risks are just emerging, but they are already demonstrating a potentially catastrophic impact which still needs to be better understood and assessed.
Motor insurance - becoming more financially efficient and consumer friendly
Under the strong pressure put by the technological evolution, the motor insurance business is rapidly changing, both in operational terms and, most visible, in the way insurers are interacting with their customers. Step by step, the insurers' relationship with customers evolves from simply indemnifying insureds for the losses suffered because of road incidents, to helping them prevent incidents and rapidly recover after the accidents that couldn't be avoided.