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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FY2014Market Portfolioxlsx
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3Q2014Market Portfolioxlsx
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1H2014Insurance market overview pdf
1H2014Market Portfolioxlsx
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1Q2014
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FY2013Insurance market overview pdf
FY2013
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3Q2013
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3Q2013Market Portfolioxlsx
1H2013Insurance market overview pdf
1H2013Insurance companies rankingsxlsx
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1Q2013
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FY2012Insurance market overview pdf
FY2012Market Portfolioxlsx
FY2012Insurance Companies Rankingsxlsx
3Q2012Market portfolioxlsx
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1H2012Insurance market overview pdf
1H2012Market portfolioxlsx
1H2012Insurance companies rankingsxlsx
1Q2012
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1Q2012Market Portfolioxlsx
FY2011Insurance market overview pdf
FY2011Market Portfolioxlsx
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3Q2011Market Portfolioxlsx
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1H2011Market portfolioxlsx
1H2011Insurance companies rankingsxlsx
4M2011Insurance market overviewpdf
4M2011Market portfolio and rankingsxlsx
2010
Insurance market overviewpdf
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 moves to reduce motor vehicle insurer losses

As part of the government's agenda to make financial institutions more profitable, on April 26, 2016, amendments to the Highway Traffic Law were enacted to help reduce insurer losses from motor vehicle third-party insurance ("MTPL Insurance") products through standardized compensation calculations, permitting insurer costs to be more accurately projected.

TURKEY: 1 out of every 3 policies sold is a MTPL one; in 2015 over 15,9 million MTPL policies have been

The Turkish insurance market "has achieved a 41% increase in the premium production between 2010 and 2015, denominated in USD", stated Mehmet Akif EROGLU, General Secretary, Insurance Association of Turkey on the occasion of the 2016 edition of IIF - "Motor insurance - the road towards profitability", adding that at the moment the industry employs over 75,000 people.

TURKEY to Mitigate Insurer Losses from Mandatory Motor Vehicle Insurance

In an effort to reform the unprofitable mandatory motor vehicle third-party insurance (MTPL Insurance) sector, Turkish policymakers are expected to adopt measures, such as standardized compensation calculation methods and authorization of the Treasury to set the rules for compensation payable under MTPL insurance claims. MTPL Insurance generates significant losses for non life insurers operating in Turkey, amounting to TRY 2.3 billion (~USD 0.8 billion) as of year-end 2015 and a total of TRY 7 billion (~USD 2.4 billion) in the last decade.

TURKEY: New rules for insurance agents' activity

The Undersecretariat of the Treasury has strengthened the protections of insurance agents in Turkey by increasing the authority of the Insurance Agents Executive Committee ("IAEC"), expanding the mandatory terms of agency agreements and introducing significant changes to personnel affairs, governance and branch operations, reports Baker & McKenzie in an article published by Lexology.

TURKEY increases protection of insurance agents at the expense of insurers

The Undersecretariat of the Treasury has strengthened the protections of insurance agents in Turkey by increasing the authority of the Insurance Agents Executive Committee ("IAEC"), expanding the mandatory terms of agency agreements, and introducing significant changes to personnel affairs, governance and branch operations.