Singapore-headquartered insurtech firm Igloo announced Tuesday a partnership with Sigortayeri, the insurtech subsidiary of Turkey’s Aktif Bank, to distribute its first personal cyber insurance product.
The product will be available through N Kolay, Aktif Bank’s consumer banking application with eight million users.
The partnership marks Igloo’s first foray outside Asia Pacific, and makes it among the first in the Turkish market to cover cyber bullying. Mitsubishi Corporation, which has a long-standing relationship with Çalık Group including Aktif Bank, facilitated the partnership, according to a statement.
Since inception, Igloo has facilitated over 2.2 billion policies across Indonesia, the Philippines, Thailand, Vietnam, and Malaysia. The Singapore-based insurtech now brings this depth of operations, product expertise, and distribution know-how to its partnership with Sigortayeri.
This also opens a wider expansion across the Middle East, Central Asia and North Africa, markets that share characteristics with Igloo’s Southeast Asian markets and that present a natural opportunity for Igloo’s insurance operating system, the company said.
Igloo and Sigortayeri’s Personal Cyber covers cyber bullying, identity theft, online fraud including social engineering scams, online shopping fraud, cyber extortion, and the compromise of home devices and networks.
The cover applies to harassment on social media, messaging apps, gaming platforms and mobile phones, and pays for counselling, a professional security firm where a family is at risk, and even relocation where a family needs to move.
Cover costs 2,100 Turkish Lira (about $43) and also extends to the policyholder’s spouse, children and parents living at the same address, and to children up to the age of 22 studying away from home.
“Sigortayeri has seen cyber protection demand grow alongside the evolving risk landscape for years,” said Uğur Gülen, Chairman of the Board of Directors at Sigortayeri.
Igloo operates across six Southeast Asian markets and works with more than 100 commercial and insurer partners, processing over 100 million policies each month.
“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,” said Raunak Mehta, Co-Founder and CEO of Igloo. “The product extends much needed cyber protection to millions of people using the N Kolay app, and we expect Turkey to be the first of several markets for us across the Middle East, Central Asia and North Africa.”
Turkish insurance penetration reached 2.62 percent of GDP at the end of 2025, against an industry target of 4.7 percent by 2030 set by the Insurance Association of Türkiye. Personal cyber remains an emerging market, with insurance regulator SEDDK committing to increasing the variety of cyber products available in the market.