Insurance sector, with its non-penetrated potential, has long been considered as one of the prospective vanguards of the economy. The latest developments signify these high hopes held for the insurance market and its contributions.
Turkish government has an objective to be the 10th biggest economy in the world by 2023, aiming to generate US$2 trillion worth of gross national product. In line with this objective, the government has the insurance sector, among others, in its...»
i Nature of the insurance and reinsurance market
There are 62 active insurance companies incorporated in Turkey, consisting of 39 non-life insurers, 18 life and pension insurers, four life insurers and one reinsurer.2 Reinsurance cover is mostly provided to Turkish insurance companies by foreign reinsurers.
The premiums collected in 2018 amounted to approximately 48.3 billion lira, an increase of 17.3 per cent compared with the previous year.3 Of this aggregate...»
Getting the Deal Through – Insurance Litigation provides expert advice and insight into crucial contentious insurance issues in major jurisdictions around the world. Topics covered include: jurisdiction-specific guidance on litigious mechanisms, remedies and damages, dispute resolution and arbitration for insurance companies and policyholders, the interpretation and ambiguities of insurance contracts, liability policies and coverage, notice mechanisms and obligations, defence...»
Insurance market has been heavily relying on its conventional tools of risk assessment. This is now under the transformative and disruptive impact of technology. In particular, big data -i.e. large volumes of data sets that are hard to process using traditional data processing methods (“Big Data”) – are claimed to have the potential to replace the conventional tools of risk assessment by their more efficacious equivalents.
The provisions of insurance under Turkish Commercial ...»
Introduction to the October 2018 Edition of International Insurance Law and Regulation
International Insurance Law and Regulation is a comprehensive collection of commentary from internationally recognized practitioners who are experts in their jurisdictions. These specialists discuss the law and regulation of insurance in their region, creating a country-by-country guide on doing business in this highly structured and regulated industry.
The October 2018 edition contains the...»
Technology shows its transformative and disruptive impact on virtually every economic field. The insurance market is no exception and can no longer remain closely reliant on its conventional operational tools. Data sets that are in large volumes and that are hard to process using traditional data processing methods (‘Big Data’) are frequently argued to have the potential to replace these traditional tools by providing efficacious equivalents.
As a reflection of the convention...»
i Nature of the insurance and reinsurance market
Since May 2014, the number of active insurance companies incorporated in Turkey is 61, consisting of 37 non-life insurers, 19 life and pension insurers, four life insurers and one reinsurer.2 Reinsurance cover is mostly provided to Turkish insurance companies by foreign reinsurers.
The total of premiums collected in 2017 amounted to approximately 46.5 billion lira, indicating an increase by 14.9 per cent compared...»
Preliminary and jurisdictional considerations in insurance litigation
1- In what fora are insurance disputes litigated?
In the Turkish judicial system, insurance disputes are resolved by the commercial courts, irrespective of the amount or value of the dispute. On the other hand, insurance disputes arising out of maritime law are heard by the Specialised Maritime Court. If there are no specialised courts (ie, a commercial court in a certain province) disputes are heard by the...»
The risks and regulations driving the Turkish insurance market’s growth
NEED TO KNOW
Nearly three-quarters of Turkish insurance companies have foreign owners or partners
Penetration is low but government measures could increase it
E-commerce growth and hacking attacks may push demand for cyber cover
Emerging risks as well as new and upcoming regulations are driving the growth of the Turkish insurance market, explain Pelin Paysal and Ilgaz Önder, partner and associate at G...»
Market reforms and big-ticket investments in the construction and energy sectors, especially nuclear and renewable energy, have provided enormous market opportunities for Turkey’s insurance sector. A maturing SME sector, the rise of trade credit products and health insurance have all opened new possibilities for the sector. Meantime, the reinsurance market has grown at about 20% in local currency terms in 2015 even as currency pressures have exerted a negative impact. Even so...»
According to the Insurance Association of Turkey, there are currently 61 active insurance companies incorporated in Turkey consisting of 37 non-life insurers, 19 Life and Pension insurers, four life insurers and one reinsurer. Reinsurance cover is mostly provided to Turkish insurance companies by foreign reinsurers whereas Milli Reasürans A.Ş (“Milli Re”) i.e the sole local reinsurer in the market has a market share of 27% in 2017.
Despite the fact that ceding companies in Tu...»
I INTRODUCTIONi Nature of the insurance and reinsurance market
Since May 2014, the number of active insurance companies incorporated in Turkey has remained at 61. Among those, 38 are non-life insurance companies, five are life insurance companies and there are 19 pension companies currently active. Turkey has two reinsurance companies; however, as one of those companies does not generate premiums, it only has one active reinsurance company. Reinsurance cover is mostly provide...»