Largest insurance company of Turkey put up for privatization

Business Materials 19 January 2015 17:16 (UTC +04:00)

Baku, Azerbaijan, Jan.19

By Rufiz Hafizoglu - Trend:

Halk Sigorta Turkish Insurance Company has been put up for privatization, the Turkish channel Haber7 said Jan.19.

It is reported that the state offers all shares of Halk Sigorta for sale.

The cost of participation in the tender for the privatization is $15,000.

The official exchange rate on Jan. 19 is 2.3125 TRY/USD.

The deadline for submission of documents for participation in the tender is April 24, 2015.

Halk Sigorta was founded in 1958. As of July 1, 2014, insurance fees of Halk Sigorta amounted to 94 million TL.

Around 70 insurance companies currently operate in Turkey, and four of them are specialized in life insurance. The total amount of insurance premiums in 2014 amounted to 31.422 billion TL.

To date, around eight insurance companies are in the process of registration, according to Turkey's Insurers Association.

Edited by CN

Follow the author on Twitter: @rhafizoglu