INSURANCE

As a result of globalization, legal amendments, and increasing terrorist attacks, insurance sector has undergone a transformation in last 10 years in global means. Due to many operational and legal limitations in the recent past, competition has become more difficult than it was in the past. To be a successful insurer in the present time, one should pay attention to management system which prioritizes effective risk control and customer relations. Analyzing unexpected risks as well as the ability to prepare a plan for cooperating with possible risks and conducting pricing policy conducted with these correspondingly is very important for an insurance company to remain in the forefront in competition in long term.

Sector Status in TRNC

With Insurance Services Law put into practice by the end of 2010, Insurance sector in TRNC have undergone a construction process to reach European Union norms and is more relevant to legislation of Republic of Turkey. But because this construction process is still in progress, natural and legal persons should be able to adapt the new practice in a short period of time.

According to Association of TRNC Insurance and Reinsurance Companies data, there are 31 insurance companies active in sector. 28 of these companies are active in non-life insurance and 3 in life insurance. 8 of 28 non-life insurance companies consist of branches opened by Turkish Insurance Companies. However as 6 of these 8 companies are sold abroad, only 2 Turkish companies are known as active in TRNC; Güneş Sigorta and Anadolu Sigorta. Güven Sigorta Kıbrıs Limited and Şeker Sigorta Kıbrıs Limited are established by going into partnerships with local companies. Apart from these, there are 18 local insurance companies in the market. It is expected to have a decrease and amalgamation between 31 companies in sector due to new legal regulations to be brought.

How can we help as GRS?

As Saydam & Co. family, we provide Consultancy and Independent Auditing Services to the two biggest insurance companies of the sector. We believe that insurers should be customer oriented on product development, services, strategic decisions and work and operational model design. To become successful, insurers need to conduct added value policy on their customers in the long run.  We can help you to adapt the EU norms quicker to create a sustainable and profitable environment of growth within legal limitations on international level and in TRNC. 

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