Turkey

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Location map
author: OCHA/ ReliefWeb


Location:
- Southeastern Europe and Southwestern Asia (the West of the Bosporus portion is geographically part of Europe), bordering the Black Sea, the Aegean Sea and the Mediterranean Sea;
- Neighbours: Cyprus, Greece, Bulgaria, Georgia, Armenia, Azerbaijan, Iran, Iraq, 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.

Macro indicators
* 2018 estimates
Surface:783,356 km2
Population*:82.0million
Pop. density*:104.6people/km2
GDP*:611.4EUR billion
GDP/capita*:7,456.1EUR

European Union:
Candidate

Currency: Lira
Code: TRY
Since: 2005


Insurance market portfolio
* 2018 estimates
TOTAL LIFE*:13%
TOTAL NON-LIFE*:87%
Overall Property*:22%
Overall Motor*:43%

Sources:



 


Statistics

Turkey 3Q2019 Insurance Companies Rankings

Turkey 3Q2019 Market Portfolio


See all statistics

Latest news


TURKEY: The Treasury licensed a new non-life insurer

A new player enters the Turkish non-life insurance market after the Treasury licensed TMT Sigorta, informed Middle East Insurance Review. The Turkish market is currently dominated by the non-life sector which accounts for more than 80% of premiums.

TURKEY: Uco VEGTER to be new CEO of EUREKO Sigorta

Dutch insurer ACHMEA informed that Uco VEGTER has been appointed Chief Executive Officer of EUREKO Sigorta, ACHMEA's subsidiary in Turkey. He succeeds Can Akin CAGLAR, who stood down this spring. Since then Uco VEGTER has been the acting CEO.

TURKEY: The launch of SDDK more than closer after the publishing of the Presidential Decree in the Official Gazette

Turkish authorities opened the way for the setting up the SDDK - the new independent Insurance Regulation and Supervision Authority, by publishing the Presidential Decree in the Official Gazette. The SDDK is part of Turkey's "New Economy Programme Structural Transformation Steps 2019" announced in April 2019, that promises structural reforms for the financial sector.




STATISTICS: TURKISH insurers' Q1 GWP dynamic affected by the TRY depreciation against euro

Turkish insurance market's GWP was of TRY 17.5 billion (about EUR 2.7 billion) in Q1 2019, ~20% up y-o-y in nominal terms, according to the preliminary data published by the local association - TSB. In European currency, the rate was negative (-7.7% y-o-y) due the depreciation registered by the local currency against euro (6.3188 TRY/EUR, March 31st, 2019 vs. 4.8673 TRY/EUR, March 31st, 2018).







TURKEY: Can Akin CAGLAR steps down as CEO of EUREKO Sigorta

Dutch insurer ACHMEA announced that Can Akin CAGLAR has decided to step down from his position as CEO of EUREKO Sigorta, Achmea's subsidiary in Turkey, as per the 10th of May 2019. He held this position for the past five years.

TURKEY: MTPL prices determined by driver history

The Ministry of the Treasury and Finance of Turkey added a new amendment to current MTPL Tariffs Principles Regulation, according to which insurance companies can use drivers' history to determine the final MTPL price.