Fulfilling alone nearly 25% of the industry’s need for reinsurance coverage, Milli Re accepts business on a voluntary basis from the Turkish market since 1991.
Set up by Türkiye İş Bankası (İşbank) to operate the compulsory reinsurance system on February 26, 1929, Milli Reasürans (Milli Re) commenced operations on July 19, 1929.
Milli Re is the only national reinsurer that operates in the Turkish insurance market. The Company participates in reinsurance agreements in almost every branch of domestic and foreign companies operating in the market. This positions Milli Re beyond and above a local reinsurer and clearly displays its international prestige and the trust held in its robust financial structure.
Being a key actor in the formation and the development of the Turkish insurance industry, Milli Re made numerous contributions while operating the compulsory reinsurance system, including:
• Nationalization of the Turkish insurance industry,
• Generation of continuous revenues for the Undersecretariat of Turkish Treasury,
• Significant reduction in the outflow of foreign currencies,
• Execution of training and education programs in insurance business,
• Conducting top-notch international relations.
Milli Re managed the Turkish Reinsurance Pool from 1963 to 1985, and the Economic Cooperation Organization (ECO) Pool from 1975 to 1995, which was originally established under the name RCD Pool. Managing the Federation of Afro-Asian Insurers and Reinsurers (FAIR) Pool since 1974, the Company has also taken on the management of the Turkish Catastrophe Insurance Pool (TCIP), whose formation it spearheaded, from 2000 to 2005.