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Home Insurance

Turkey Government undertakes reinsurance coverage to mitigate risks

The Global Economics by The Global Economics
April 13, 2020
in Insurance, Trending
Reading Time: 1 min read
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In a move to tackle an economic fallout due to coronavirus, Turkey takes important measures in the insurance sector. The Treasury and Finance Ministry has started to provide reinsurance coverage to mitigate risk faced by small and middle-sized companies.

Essentially, this reinsurance is for the State Supported Commercial Receivable Insurance System for SMEs according to the Insurance Association of Turkey. In order to support the system, new changes have been implemented earlier this month.

There has been an increase in the annual sales revenue, up to TRY 125m after the coverage of medium-sized enterprises, providing protection from uncovered losses.

Regarding the reinsurance coverage, Mr. Atilla Benli, the president of Insurance Association of Turkey mentions in a statement- risks from insurance contracts will be covered in the period from April 1, 2020 April 1, 2021, without transferring the risks through any other reinsurance or retro cession deals. In addition, he says that all the credit insurance claims will be done online through the system’s website, with an insurance limit of TRY 750,000 for each buyer.

The Global Economics

The Global Economics

The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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