- Singapore-based insurtech Igloo has partnered with Aktif Bank’s Sigortayeri to introduce personal cyber insurance in Turkey, marking its first expansion outside Asia Pacific.
- The product will be distributed through the N Kolay banking app, which has 8 mn users, and covers cyberbullying, identity theft, online fraud, cyber extortion and compromised home networks.
- Priced at TRY 2,100 (~$43), the policy includes family coverage. Igloo plans to use Turkey as a starting point for expansion across the Middle East, Central Asia and North Africa.
Singapore-based insurtech Igloo has entered the Turkish insurance market through a partnership with Sigortayeri, the insurance technology subsidiary of Aktif Bank, launching a personal cyber insurance product covering online fraud, identity theft and cyberbullying.
The agreement marks Igloo’s first expansion beyond Asia Pacific and provides access to N Kolay, Aktif Bank’s consumer banking application with approximately 8 mn users.
Mitsubishi Corporation facilitated the partnership through its established relationship with Çalık Group, which includes Aktif Bank.
The launch introduces cyber protection for individuals and families, including coverage for risks that remain relatively underserved in Turkey’s insurance market.
Igloo introduces family cyber insurance covering online threats
The Personal Cyber product developed by Igloo and Sigortayeri covers cyberbullying, identity theft, social engineering scams, fraudulent online purchases, cyber extortion and security breaches involving home devices and networks.
Cyberbullying protection extends to harassment through social media, messaging applications, gaming platforms and mobile phones.
Depending on the circumstances, coverage can include counseling services, professional security assistance when family members face threats and relocation expenses when moving becomes necessary for their safety.
The policy costs TRY 2,100, approximately $43, and covers the policyholder’s spouse, children and parents residing at the same address. Children studying away from home remain eligible until age 22.
Sigortayeri Chairman Uğur Gülen said the company had observed increasing demand for cyber protection as digital risks developed.
“Sigortayeri has seen cyber protection demand grow alongside the evolving risk landscape for years,” Gülen said.
Igloo targets expansion beyond Southeast Asia
Igloo brings substantial digital insurance distribution experience to the partnership. Since its establishment, the company has facilitated more than 2.2 bn policies across Indonesia, the Philippines, Thailand, Vietnam and Malaysia.
It currently operates across six Southeast Asian markets, works with more than 100 commercial and insurance partners and processes over 100 mn policies monthly.
Raunak Mehta, Igloo’s co-founder and CEO, said the Turkish launch would allow the company to apply its experience in embedded insurance and digital distribution to a new market.
Turkey’s cyber risks remain a major concern that insurtech can and should address. Today, we’re very proud to use our knowledge from Southeast Asia to launch a differentiated cyber product with Sigortayeri.
Raunak Mehta, Igloo’s co-founder and CEO
He added that the company expects Turkey to become the first of several markets it enters across the Middle East, Central Asia and North Africa.
The expansion comes as Turkey seeks to increase insurance adoption. Insurance penetration reached 2.62% of GDP at the end of 2025, compared with the Insurance Association of Türkiye’s target of 4.7% by 2030.
Personal cyber insurance remains an emerging segment, with Turkish regulator SEDDK supporting greater product diversity.
For Igloo, the partnership provides an established banking distribution channel and an opportunity to introduce its insurance technology to markets beyond Southeast Asia, beginning with consumer cyber protection in Turkey.
