The Insurance Brokers Association of Turkey, through its Foreign Affairs and Reinsurance Committee, recently attended the Baden Baden meetings, where they noted a continued interest from reinsurers in the Turkish insurance market. While no significant reduction in capacity is anticipated, a slight increase in costs seems inevitable. The timely payment of earthquake-related damages is expected to facilitate a clearer management process for both insurance companies and reinsurers.
Some reinsurers are actively encouraging insurance companies to pursue non-proportional agreements rather than proportional ones, amidst an industry-wide demand for nearly 20% additional capacity. In response to these market conditions, companies are preparing to reevaluate their cost management strategies and reinsurance approaches.
