Turkish Insurance Industry Overview
Insurance sector, which has existed in our country since the end of the 19th century, is crucial for the economy and stable growth, with its economic value more than forty times the Gross National Product itself.
Insurance in Türkiye was initiated in 1872 by the representative offices of British insurance companies. After the British insurers, the French insurers also showed interest in Türkiye and in 1878 the first French company launched its operations. Further, insurance activities expanded with the entrance of insurance companies of foreign countries such as German, Italian and Swiss to the market. Although these companies provided required quaranties to the insured, they were operating completely unsupervised at that time due to the absence of laws envisaging the establishment of insurance companies and regulating insurance activities, or even a provision addressing this issue.
In 1893, the first domestic insurance company was established with the title of Ottoman Public Insurance Company. With the changes made in the laws in 1908 and 1914, foreign companies were tried to be controlled. With the law of 1914, foreign companies were required to provide collateral and pay taxes. Okumaya devam et “Turkish Insurance Sector on the 100th Anniversary of the the Republic of Türkiye -1”