Company Profile: Millî Re

As Turkey’s largest domestic reinsurer, Millî Reasürans (Millî Re) was bound to be hit in a big way following the Izmit earthquake that levelled a large number of badly designed buildings and caused appalling loss of life. While Millî Re’s annual report did not indicate the company’s share of the losses generated by the Turkish earthquakes last year it is, perhaps, surprising that the company only recorded a three-fold increase in underwriting losses in 1999. A result which is, in any case, annually made worse by the appalling inflation that continues to dog the Turkish economy.