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Vehicle protection (otherwise called vehicle protection, engine protection, or accident coverage) is protection for vehicles, trucks, bikes, and other street vehicles.
The primary purpose of it is to provide financial protection against bodily injury or damage caused by traffic collisions and liability arising from car accidents.
Additionally, vehicle insurance may provide financial protection against vehicle theft, damage caused by events other than traffic collisions, such as keying, weather or natural disasters, and damage caused by collision with stationary objects
The Turkey Motor Insurance market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2022 to 2030.
The Insurance and Private Pension Regulation and Supervision Agency (the “Agency”) has been fully operational, so Turkey’s regulations have undergone significant revisions over the past year.
The merger of six (6) state-owned insurance companies into Türkiye Sigorta Anonim irketi was a significant development in the Turkish insurance industry.
The Turkish Wealth Fund now owns 81.1 percent of these insurance companies, which were previously controlled by the Central Bank of the Republic of Turkey.
The Insurance Law amendment was a significant regulatory change establishing the “Special Risks Management Center” (the “Center”) with its own legal personality to carry out insurance or reinsurance pools and similar mechanisms for risks for which there is no coverage or for which it is difficult to find coverage.
Additionally, the Center makes it possible to collaborate with other specialized institutions to support reinsurance, preserving a portion of the reinsurance premiums within the nation.
The Individual Pension Savings and Investment Scheme Law was also modified by the same amendment, allowing individuals under the age of 18 to participate in the private pension scheme.
Also, in accordance with the Turkish Established Court’s choice on the Expressway Transit regulation No.2918 will take effect, and the Highway Traffic Law No.
In order to maintain reasonable premiums and ensure the predictability and stability of compensation payments, the principles of compensation calculation outlined in “Compulsory Traffic Insurance” have been updated.
In addition, the Agency will publish the “Regulation on Insurance and Private Pension Activities Under the Participation Principles” to outline the general and specific principles for participation insurance implementation.
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