Turkish insurance sector will pay less for the foreign reinsurance catastrophe protection this year. The percentage of the premium paid by the insurance sector for the foreign reinsurance catastrophe protection was decreased from 2.34 to 2.28 percent this year. About the payments of Turkish insurance sector for the foreign reinsurance catastrophe protection aid, Director and General Manager of Milli Reasürans (Milli Re), Hulki Yalçın, said, “The insurance companies obtain a reinsurance risk protection for earthquakes and other natural disasters over the modeling results with respect of the earthquake accumulations at the 1st Area including Istanbul. Except the Turkish Catastrophe Insurance Pool (TCIP) and Milli Re, the amount of liability of this earthquake accumulation of the insurance companies at the 1st Area was 72.3 billion Euro in the 9th month of 2012. With the appreciation of Euro for about 25 percent against TL, accumulation cost in question decreased 67 billion Euro in the 9th month of 2013. In this context, reinsurance protection for the earthquakes and other natural disasters obtained by 31 insurance companies operating in Turkish insurance sector decreased by 11 percent and became 4 billion Euro in 2014 compared to 4.5 billion Euro in 2013. The falls in foreign currency cross rates compared to previous years have also a great effect over this decline. So, the insurance companies will pay 91 million Euro for foreign reinsurance protection in 2014 compared to 105 million Euro in 2013. ALP SÜER/SİGORTALI
Turkish insurance sector will pay less for the foreign reinsurance catastrophe protection this year
