Milli Re interested in Central and Eastern Europe

In 2012, Milli Re reported a turnover of 578 million USD, with nearly 76% of its business being generated by the local market. This proportion has been declining steadily over the years. For Milli Re, geographic diversification is important. The company has put Asia, Central and Eastern Europe (CEE) among its priorities. These areas present many advantages for the Turkish reinsurer among which we note the good performance of markets and the low exposure to earthquakes. In addition, the low insurance penetration rate indicates that there is significant potential for development. The inconvenience relates to the exposure of some countries to storms and flooding risks. Competition among local insurers and the domination of large international groups are also matters of concern. Milli Re generates currently 3.3% of its business in CEE.