Turkey

Location:
Southeastern Europe and Southwestern Asia (that portion of Turkey west of the Bosporus is geographically part of Europe), bordering the Black Sea, between Bulgaria and Georgia, and bordering the Aegean Sea and the Mediterranean Sea, between Greece and Syria


Climate:

temperate; hot, dry summers with mild, wet winters; harsher in interior

Natural hazards:
severe earthquakes, especially in northern Turkey, along an arc extending from the Sea of Marmara to Lake Van

Currency: Turkish lira (TRY)
1 EUR = 2.8323 Turkish lira - TRY (December 31st, 2014)
1 EUR = 2.9397 Turkish lira - TRY (December 31st, 2013)
1 EUR = 2.3565 Turkish lira - TRY (December 31st, 2012)
1 EUR = 2.4556 Turkish lira - TRY (December 31st, 2011)
1 EUR = 2.0650 Turkish lira - TRY (December 31st, 2010)

Sources:
Association of Insurance and Reinsurance Companies of Turkey
Central Bank of the Republic of Turkey

Insurance statistics

1Q2017
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1H2014Insurance market overview pdf
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1Q2014
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FY2013
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3Q2013
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FY2012Insurance market overview pdf
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1Q2012
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FY2011Insurance market overview pdf
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3Q2011Market Portfolioxlsx
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4M2011Insurance market overviewpdf
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2010
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2010Market portfolio and rankingsxlsx
2009Turkish insurance market overview pdf
2009Market portfolioxls
2009Life insurance rankingsxls
2009Non-Life insurance rankingsxls
1H2010Turkish insurance market overviewpdf
1H2010Market portfolioxls
1H2010Life insurance rankingsxls
1H2010Non-Life insurance rankings (total & main lines)xls

1Q2017 Market Portfolio

1Q2017 Insurance Companies Rankings

TURKEY: Transfer of Isık Insurance is approved

According to the announcement made by the Competition Authority on its official website, the transfer of the Isık Insurance Corp., once was controlled by the Asia Participation Bank Corp., to Turkish Agricultural Credit Cooperatives Central Association is approved.

TURKEY: Mehmet Simsek: 'We are working towards a new model for traffic insurance'

Vice President, Mehmet Simsek, was on the live broadcast of NTV. "Traffic insurance is an obligatory insurance type," said Mr. Simsek, having explained that they are working towards a new model for traffic insurance emphasizing the drawbacks of the current system. "The system is designed to compensate the damage one causes to the other. Therefore, the one needs to be insured is rather the driver, not the vehicle. Say, the vehicle is insured but it was trusted to an inexperienced driver. Such factors are leading to increased premium payments. I instructed the Treasury and they are working on it. There is a similar system in effect in the UK where the driver is insured. Such a system considers not only the risks the vehicle is exposed to but also the risks drivers are exposed to. With this system we believe the number of traffic accidents and damages will be reduced, which in return will lower the premiums," he added.

STATISTICS: The Turkish market exceeded TRY 40 billion in GWP last year

Total GWP in the Turkish insurance market exceeded TRY 40 billion (about EUR 11 billion) last year, an increase of more than 30% compared to the previous year, according to preliminary data from the Insurance Association of Turkey - TSB. The TSB figures also show that Turkey's insurance sector grew by 20.2% in real terms last year when the annual inflation rate was 8.5%.

TURKEY: Campaign by Generali Insurance brings a FIAT Egea to Mersin

Drawing attention with its projects building on the company's mentality of Easy Insurance, Generali Insurance announced the winner of its campaign which offered a FIAT Egea Hatchback to any vehicle owners who received a quote for either one of the traffic insurance or Casco products in a minute without any charges.

TURKEY: MetLife Pension and Life Insurance, one of Turkey's successful pension and life insurance companies, announced their results for 2016...

Making a difference in the sector with its innovative approach, MetLife has announced its results for 2016. The company has increased its total premium production in life and personal accident insurances by 49% in one year adding up to TL477 million by the end of 2016 and listed among the first 3 companies in the market. MetLife preserved its leading position in personal accident field among all pension and life insurance companies with its market share of 36.6%. On the other hand, the company has grown in personal pension insurance at a higher rate when compared to the sector and reached at a cumulative fund value of more than TL1.18 billion.

TURKEY: Marius POPESCU appointed as NN Hayat ve Emeklilik CEO as of 1 April 2017

NN Group announced that Marius POPESCU (currently CEO of NN Romania) will be appointed CEO of NN Hayat ve Emeklilik Turkey, effective 1 April. He succeeds Frank EIJSINK which was named CEO of NN Life Japan. NN Group pointed out that Marius POPESCU's successor will be announced in due course: "On an interim basis, Mihai MUNTEAN, Chief Sales Officer, will assume responsibility as CEO NN Life Insurance Romania". 

TURKEY: Vodafone offers insurance payments via m-wallet

Vodafone Turkey started offering an alternative to paying for work or home insurance premiums via its 'Cep cuzdan' mobile payment service. Anyone working with a mobile wallet can pay for his daily insurance premiums by text messaging a text corresponding to an insurance to a specific number and receive its insurance in less than 10 days. Vodafone enables the payment of insurance premiums through its e-payments system VPAS. The system enables the payment of an insurance premium of TRY 1.19 per day which is obligatory to pay for work accidents and damages to homes.