Turkey establishes corp. to support insurance sector

By Gokhan Ergocun

ISTANBUL (AA) - Turkish Treasury and Finance Ministry established Turk Reasurans A.S. (Turk Re) to support Turkish insurance sector, according to a press release by the corporation on Friday.

Turk Re launched for reaching the targets of economic balancing as well as healthy and sustainable growth in the insurance sector under the new economic program of Turkey, which was revealed on Sept. 2018.

Turk Re will contribute to the insurance sector's growth and meet the capacity requirement of domestic reassurance activities in the insurance market, said the statement.

The corporation will also assume risks of natural disasters and generate cost advantage for the sector.

The Treasury and Finance Ministry is the sole stockholder of the establishment of Turk Re, the statement added.

Turk Re aims to ensure that the reinsurance premiums transferred abroad remain at home to carry out the necessary reinsurance arrangements by structuring the risk management of public interests.

"As Turk Re, we will contribute to the sustainable economic growth and the development of the insurance sector for achieving the strategic goals of the Treasury and Finance Ministry," Selva Eren, general manager of Turk Re, said in the press release.

She added that Turk Re, with its solutions, will be fresh blood for Turkish insurance sector's shareholders.