Turkey Insurance Association denies claims of company bankruptcies

The Association of Insurance Companies of Turkey (TSB) has denied social media claims alleging that three insurance companies went bankrupt following recent floods in Istanbul. TSB President Ahmet Yaşar stated that the sector is actively working with agents and experts to identify damages and process compensation claims as quickly as possible.

Yaşar emphasized that spreading baseless claims regarding the insolvency of companies undermines public trust in insurance and the Private Pension System (BES), which can harm the country's economic resilience. He noted that developments regarding shareholders should not be confused with the financial stability or operational obligations of the insurance companies themselves.

The TSB warned that spreading false news intended to damage the reputation or financial structure of insurance institutions is subject to criminal sanctions under Article 35 of the Insurance Law. Citizens are advised to rely on official statements from authorized bodies, such as the Insurance and Private Pension Regulation and Supervision Agency (SEDDK), rather than unverified social media posts.