The Turkish Treasury and Finance Ministry established Türk Reasürans A.Ş. (Türk Re) to support the Turkish insurance sector, according to a press release by the corporation on Friday.

Türk Re launched for reaching the targets of economic balancing as well as healthy and sustainable growth in the insurance sector under the New Economic Program (NEP) of Turkey, which was revealed in Sept. 2018. Türk Re will contribute to the insurance sector's growth and meet the capacity requirement of domestic reassurance activities in the insurance market, said the statement.

The corporation will also assume risks of natural disasters and generate cost advantage for the sector.

The Treasury and Finance Ministry is the sole stockholder of the establishment of Turk Re, the statement added.

Türk Re aims to ensure that the reinsurance premiums transferred abroad remain at home to carry out the necessary reinsurance arrangements by structuring the risk management of public interests.

"As Türk Re, we will contribute to the sustainable economic growth and the development of the insurance sector for achieving the strategic goals of the Treasury and Finance Ministry," Selva Eren, general manager of Türk Re, said in the press release. She added that Türk Re, with its variety of solutions, will be a breath of fresh air for Turkish insurance sector's shareholders.