Starting with the first opened representative offices of foreign insurance companies in 1872, the insurance sector in Turkey is a very advanced position today.As of 2018, a total of 65 companies in the sector, including 3 reinsurance companies, 39 non-life insurance companies and 23 total life and pension insurance companies operates in Turkey.
The premium production of companies in the insurance sector also shows a growing tendency over the years. While the total premiums of insurance companies in Turkey was $2.21 billion in 2002, it reached $12.6 billion in 2017. According to the IMF, the Turkish insurance sector is expected to grow by 3.5% in 2018 and 2019.
Parallel to the rapid development of insurance in our country, the number of legal disputes arising from insurance applications is also increasing on a daily basis.Regardless of whether insurances have occurred in the insurance application, or whether it is covered by the insurance company, the defect situation and its effect on the contract, and the defective person’s salvage of the payment causes legal disputes in most contracts.
Lexist has been following the proceedings of leading insurance companies in Turkey. Lexist provides consulting services in relation to all life and property disputes arising from insurance and represents its clients in litigation arising from insurance compensation law.