Turkey establishes corporation to support insurance sector
The Turkish Treasury and Finance Ministry established Turk Reasurans A.S. (Turk Re) to support Turkish insurance sector, according to a press release by the corporation on September 27. Turk Re was launched to help reach economic rebalancing as well as to support healthy and sustainable growth in the insurance sector under the new economic program, which was unveiled in September 2018. Turk Re will contribute to the insurance sector’s growth and meet the capacity requirement of domestic reassurance activities in the insurance market, said the statement. The corporation will also assume risks of natural disasters and generate cost advantage for the sector. The Treasury and Finance Ministry is the sole stockholder of Turk Re, the statement added. Turk Re aims to ensure that reinsurance premiums transferred abroad remain at home to carry out the necessary reinsurance arrangements by structuring the risk management of public interests.