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LIST OF TURKISH INSURANCE COMPANIES
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Asya - Türkiye - Dünya etrafında Sigorta Şirketleri Logosu. In insurance, a logo is instantly recognizable as synonymous with the brand and allows that the customer associates the company with useful qualities such as trust, the fair price, and many other vital issues on the task of finding the best insurance. Click the logos of the Insurance Companies for getting a bunch of updated information offering each insurer of Turkish. We want to help you to find the best Insurance by the Internet
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Lonely Planet
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ERGO Sigorta. Turkish Insurance - World Insurance Companies Logos
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Garanti Bank. Insurance in Turkey
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Allianz Sigorta A.Ş. Turkish Insurance - Logos of Insurance Companies
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Aksigorta A.Ş. Insurance in Turkey
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VAKIFBANK. Insurance in Turkey
Anadolu Anonim Türk Sigorta Şirketi - logo
Turkish Insurance - World Insurance Companies Logos. Zurich
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AXA SİGORTA. Turkish Insurance - World Insurance Companies Logos
Yapı ve Kredi Bankası A.Ş. Turkey Insurance, World Insurance Company Logos
Turkish Insurance - World Insurance Companies Logos
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MetLife - Turkey - Asia - World Insurance Companies logos
Eureko Sigorta - logo
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Anadolu Hayat Emeklilik A.Ş. - Turkey - Asia - World Insurance Companies logos
MAPFRE. Insurance in Turkey
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VAKIF - Insurance in Turkey
AvivaSA - LOGO
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Insurance Sector Its Regulation and Supervision and the Recent Developments
Turkish insurance market is characterized by low insurance penetration and density when compared to EU countries. Premiums constitute only a small fraction of GDP and assets are low. In addition to that, sharp competition over prices has rendered some premium rates quite inadequate, because of deregulation of premium rates in 1990 for most classes of insurance other than certain compulsory lines. The increasing competition because of a liberal licensing regime that allowed the number of companies operating in the market to rise from 49 in 1991 to 68 as of end 2001. The increasingly fierce competition also hindered insurance companies in reaching sufficient level of scale economies and financial soundness.
Currently, there are 57 insurance and reinsurance companies operating in Turkey by the end of 2002. In 1990, the liberalization of tariff system was applied to non-life insurance groups excluding the compulsory non-life branches and life insurance. The GDI is still approving tariffs, and determining and declaring the premiums annually for compulsory branches of insurances, such as life insurance and health insurance longer than one year.
The insurance sector is regulated and supervised by the Undersecretariat of Treasury in Turkey. Regulation of the insurance sector and implementation of the related policies, as well as off-site supervision, are performed by the GDI while the ISB conducts on-site supervisory activities. In order to harmonize the economic policies implemented by various public institutions, the Undersecretariat of Treasury, reports to the Minister of State in charge of economic policies.
The GDI is responsible for fulfilling the following tasks:
- Prepare and implement the insurance legislation,
- Set the general standards for the insurance business as well as oversee the actors in the insurance sector in terms of their compliance with laws, regulations and established standards,
- Control and make assessment of applications for entering/exiting the market, licensing, and advising on policies to be implemented, as well as handling the complaints,
- Conduct off-site inspection of insurance firms,
- Prepare periodic reports by compiling statistics on the main indicators of the insurance sector, 4
- Approve tariffs, and determine and declare the premiums annually for compulsory branches of insurances, such as life insurance and health insurance longer than one year,
- Conduct researches on the ways and impacts of insurance sector on the financial and economic development of the country, publishing results of these studies.
- Regulation and supervision of the private pension companies
The ISB is responsible for supervision of insurance sector (insurance companies, insurance mediations, Association of Insurance and Reinsurance Companies of Turkey, Turkish
Catastrophe Insurance Pool (TCIP), Guarantee Fund, independent audit companies that audit private insurance companies). The ISB is mainly responsible for on-site inspection of the insurance companies, and preparing reports, advise on the policies to be implemented, publishing annual statistical reports based on financial data received from the insurance companies. The ISB has the following tasks:
- To conduct and finalize the inspection, examination, and investigation of insurance companies,
- To draw up consolidated reports on the insurance sector and other related financial markets,
- To advise the Undersecretary of Treasury on policies to be implemented and measures to be taken, etc,
The ISB is conducting two different supervisions:
- Regulatory and financial supervision
- Actuarial supervision
An important change was introduced by Decree 539 of June 1994, setting out the operating procedures for insurance and reinsurance companies, and requiring them to be established as joint stock or mutual companies as well as separating their life and non-life insurance activities. Decree 539 also lays down the minimum capital requirement indexed on an annual basis. ....MORE
From Reinforcement of Institutional Capacity of the General Directorate of Insurance (GDI) and the Insurance Supervisory Board (ISB)
Currently, there are 57 insurance and reinsurance companies operating in Turkey by the end of 2002. In 1990, the liberalization of tariff system was applied to non-life insurance groups excluding the compulsory non-life branches and life insurance. The GDI is still approving tariffs, and determining and declaring the premiums annually for compulsory branches of insurances, such as life insurance and health insurance longer than one year.
The insurance sector is regulated and supervised by the Undersecretariat of Treasury in Turkey. Regulation of the insurance sector and implementation of the related policies, as well as off-site supervision, are performed by the GDI while the ISB conducts on-site supervisory activities. In order to harmonize the economic policies implemented by various public institutions, the Undersecretariat of Treasury, reports to the Minister of State in charge of economic policies.
The GDI is responsible for fulfilling the following tasks:
- Prepare and implement the insurance legislation,
- Set the general standards for the insurance business as well as oversee the actors in the insurance sector in terms of their compliance with laws, regulations and established standards,
- Control and make assessment of applications for entering/exiting the market, licensing, and advising on policies to be implemented, as well as handling the complaints,
- Conduct off-site inspection of insurance firms,
- Prepare periodic reports by compiling statistics on the main indicators of the insurance sector, 4
- Approve tariffs, and determine and declare the premiums annually for compulsory branches of insurances, such as life insurance and health insurance longer than one year,
- Conduct researches on the ways and impacts of insurance sector on the financial and economic development of the country, publishing results of these studies.
- Regulation and supervision of the private pension companies
The ISB is responsible for supervision of insurance sector (insurance companies, insurance mediations, Association of Insurance and Reinsurance Companies of Turkey, Turkish
Catastrophe Insurance Pool (TCIP), Guarantee Fund, independent audit companies that audit private insurance companies). The ISB is mainly responsible for on-site inspection of the insurance companies, and preparing reports, advise on the policies to be implemented, publishing annual statistical reports based on financial data received from the insurance companies. The ISB has the following tasks:
- To conduct and finalize the inspection, examination, and investigation of insurance companies,
- To draw up consolidated reports on the insurance sector and other related financial markets,
- To advise the Undersecretary of Treasury on policies to be implemented and measures to be taken, etc,
The ISB is conducting two different supervisions:
- Regulatory and financial supervision
- Actuarial supervision
An important change was introduced by Decree 539 of June 1994, setting out the operating procedures for insurance and reinsurance companies, and requiring them to be established as joint stock or mutual companies as well as separating their life and non-life insurance activities. Decree 539 also lays down the minimum capital requirement indexed on an annual basis. ....MORE
From Reinforcement of Institutional Capacity of the General Directorate of Insurance (GDI) and the Insurance Supervisory Board (ISB)
Turkish Insurance - World Insurance Companies Logos
