Insurance News ME

Executive News - Sigortam.net names Refik Berkol as new CEO

Turkey's leading online insurance aggregator names Refik Berkol as its new CEO. Sigortam.net is the first online insurance e-commerce portal in Turkey selling auto, home, health, travel and life products from 20 insurance companies with 7X24 call-center support. Sigortam.net is a venture capital project financed by iLAB.

iLAB is an investment holding company with interests in high growth internet projects such as kariyer.net (Turkey's largest online career site), Gittigidiyor.com (Turkey's largest auction site - also an Ebay affiliate), chemorbis and steelorbis (chemicals and steel e-marketplace). Sigortam.net was founded in 2001 and has currently more than 50,000 customers.

WB issues 255.4 mln euros for Turkish public sector

The World Bank has approved a loan of 255.4 million euros ($399.5 million) to strengthen public management, public services, social security and health insurance in Turkey, said a bank statement Thursday. The credit's maturity will be 22-1/2 years with 12-1/2 years grace.

ING to acquire Turkish voluntary Pension Fund Oyak Emeklilik for EUR 110 million

ING announced on June 17 it has reached an agreement with OYAK Group to acquire the voluntary pension fund Oyak Emeklilik.

Turkish Non-life Premiums to Grow by Over US$6bn in the Five Years to 2012 According to New Report

In theory Turkey should be one of the most exciting and prospective markets for insurance worldwide, or at least outside the Asia-Pacific region. Over the five years to 2012, non-life premiums, for instance, should grow by over US$6bn.

Allianz Upgrades 2 Turkish JV Stakes For EUR373.2 Million

Germany's Allianz SE (AZ), Europe's largest insurer by gross premiums, Monday said it is expanding its business in Turkey by increasing stakes in two joint ventures to own a majority in both companies.

Zurich Closes Turkish Deal

Zurich Financial Services Group said it has completed the acquisition of 100 percent of Turkish general insurer TEB Sigorta A.S. from TEB Mali Yatirimlar A.S.

Yapi Kredi To Seek Insurance Partner In A Few Weeks

Yapi Kredi Bank (YKBNK.IS), Turkey's fourth-largest private bank, aims to approach prospective partners for its

Yapi Kredi Sigorta AS

(YKSGR.IS) insurance affiliate in about a couple of weeks, a person familiar with the matter told Dow Jones Newswires on Thursday.

Insurance expects price discipline from foreigners in Turkey

The weight of foreigners in the Turkish insurance sector is gradually increasing with acquisitions going on since 2006 as Turkey draws record amounts of foreign investment, but the sector complains that price discipline is still non-existent.

AEGON to enter Turkish life insurance and pension market with acquisition of Ankara Emeklilik

AEGON has entered into an agreement to acquire 100% of Ankara Emeklilik Anonim Şirketi (Ankara Emeklilik), a Turkish life insurance and pension provider, from Polis Bakim ve Yardim Sandigi.

Non-life insurance to grow in Turkey

Streamlined competition, supported by the entry of foreign players, exit of smaller firms and the new insurance law, is expected to improve the return on equity in the Turkish non-life insurance sector in the medium term, a recent report on Turkish Non-life Insurers by Alternatif Invest stated.