The Turkey Insurance and Turkey Life Pension (Turkiye Sigorta and Turkiye Hayat Emeklilik) will assume a pioneering and market-making role in risky or unpenetrated areas where coverage had previously been unavailable.

The newly launched state-owned insurance firm will increase the insurance sector’s share in Turkey’s financial market to 20% from its current level of 4.5%, Atilla Benli told Anadolu Agency’s Finance Desk on Thursday.

He said the company would pave the way for boosting the coverage capacity of the Turkish insurance industry.

“This, in my opinion, was the most strategic and important capacity-increasing structural reform move in the financial sector.”

With employing 2,600 staff, the company is expected to see 5,000-6,000 personnel by 2023, stressed Benli.

Turkiye Sigorta, which gathered six state-run insurance and pension companies under a single roof, was launched on Sept. 7.

This April, the Turkiye Wealth Fund acquired shares of Gunes Sigorta, Halk Sigorta, Ziraat Sigorta, Vakif Emeklilik and Hayat, Halk Hayat and Emeklilik, and Ziraat Hayat and Emeklilik for 6.54 billion Turkish liras ($876 million) to increase their global competitive power.

*Writing by Tuba Sahin

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