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450. Turkey’s First Insurance Cooperative

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Coop Name: Koru Sigorta N° of Employees: 28
City: Istanbul N° of Members: 100,000
Country: Turkey Year of formation: 2011
Website: http://www.korusigorta.com.tr/
About this coop:

Although insurance cooperatives have been active in many countries around the world, it is a new phenomenon in Turkey. The Koru Insurance Cooperative (Koru Sigorta), established in this sector in 2011, is the first and only cooperative in Turkey. Koru Sigorta keeps growing rapidly with support of all parties of the society.

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Although insurance cooperatives have long been active in many countries around the world, they are a new phenomenon in Turkey, only recently given legal permission to exist. Koru Sigorta (Koru Insurance Cooperative), established in 2011, is the first and, so far the only, insurance cooperative in Turkey, and is growing rapidly.

Cooperatives do have a lengthy history in Turkey, but although the need for insurance cooperatives has existed for a long time, insurance cooperatives could not be established due to legal restrictions. Now, an opportunity has arisen for insurance cooperatives in the light of new legal arrangements. Within the framework of this legal arrangement, Koru Sigorta was established and bridged the gap in the field of insurance cooperatives.

With an established staff of quality professionals, Koru Sigorta can serve an important role in making tailor-made insurance solutions and projects for its members. By the end of one year, Koru Sigorta reached 55,000 member policy holders, and it currently has 100,000 members. Around 95% are individual citizens, but Koru Sigorta also serves many important civil organizations such as farmers’ associations, other cooperatives and trade unions. For example, the Greengrocer, Fruit Selling and Itinerant Merchant Tradesmen and Craftsmen Federation has signed the agreement to protect all visitors to marketplaces all over Turkey via the insurance solution designed by Koru Sigorta. This tailor-made solution has been introduced to each branch of the Federation with periodic seminars held by Koru Sigorta.

Koru Sigorta not only provides insurance services to its members but also introduces cooperatives and specifically insurance cooperatives to the public, and supports raising public awareness on cooperatives. Koru Sigorta is also taking important steps towards developing inter-cooperative relations. It establishes insurance-based business relations and works with cooperatives while extending its service network. Koru Sigorta is one of the most active cooperatives in Turkey.

Author of this story
Hüsamettin Doğramacı
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