Established in 2019 with the Ministry of Treasury and Finance as the sole shareholder and with the aim of contributing to the "Economic Balancing" and "Healthy and Sustainable Growth" targets with a focus on the insurance sector, increasing the domestic reinsurance capacity in Turkey and ensuring resource efficiency, Türk Re has left behind its 4th anniversary with many achievements.
Selva Eren, General Manager of Türk Re, shared the activities and achievements carried out successfully in line with the vision and mission of the company on its 4th anniversary. Emphasizing that Türk Re provides reinsurance coverage to 36 domestic insurance companies and institutions, in addition to providing reinsurance capacity to 37 insurance companies located in 20 countries across the world, Türk Re has become a reinsurance company that exports assurance to 68 different countries on 5 continents, Eren stated that they continue their journey to make Türk Re a well-known brand in global markets with the excitement of the first day.
In the first half of 2022, Türk Re generated TL 1 billion 725 million in premiums with a 40% market share and net profit of TL 226 million. In the same period of 2023, Türk Re achieved a 45% market share, TL 4 billion in premiums and TL 708 million in net profit. In the fourth year of its journey, which started with a capital of TL 600 million at its foundation, Türk Re reached TL 2 billion 281 million in shareholders' equity.
Türk Katılım Reasürans, the first subsidiary of Türk Reasürans, was established in 2021 to provide reinsurance coverage to companies engaged in participation insurance in the insurance sector. Since then, it has been contributing to the development of the sector with its activities.
Another subsidiary, T-RUPT, a technopark company established in December 2022 with 100% of Türk Re's capital, offers products and services that will add value to the technical and technological maturity of the industry in the fields of insurance/reinsurance and catastrophe modeling, in line with Türk Re's raison d'être.
The Turkish Catastrophe Insurance Pool (TCIP), one of the institutions for which Türk Re acts as technical operator, provided fast service to our citizens in the aftermath of the Kahramanmaraş earthquakes and managed the claim payment processes dynamically and effectively. The current number of notifications made to TCIP reached 600,000, while the total amount of compensation paid to the insured exceeded TL 33 billion.
Providing information about the Special Risks Management Center (SCM), of which Türk Re is the technical operator, Eren stated that for the first time in Turkey, the insurance policy structure of Akkuyu NPP was created and coverage was provided for nuclear liability risks through operational efficiency and risk management. ÖRYM also achieved a strategic success in 2022, providing the insurance coverage needed during the Russia-Ukraine crisis and contributing to the national economy in this context.
Mr. Eren continued: "As a young company that has been working with excitement and determination since the first day of its establishment, we have achieved tremendous success with the efforts of our team and the contribution of our Board of Directors on this path we set out to serve Turkey. We proudly celebrate the 4th anniversary of our company."