Singapore's Igloo expands beyond Asia Pacific with Turkey's Sigortayeri partnership. 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.

Insurtech Igloo expands into Turkey with personal cyber insurance partnership. Oct 13, 2026 * 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, XILO is very proud to use its 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.

Singapore-based insurtech Igloo saw revenue rise 46% in 2025, with its embedded insurance business growing 80% year-on-year. The company narrowed net losses by 60% and expects similar improvements this year whilst targeting EBITDA breakeven by year-end. Embedded insurance now accounts for 85% of revenue. Igloo partners with major insurers like Allianz and MSIG to distribute policies through platforms including Shopee, GCash, and Dana, earning fees per policy purchased. The company now facilitates over 100 million policies monthly, up from 80 million last year. Indonesia remains its largest market by revenue. CEO Raunak Mehta says the firm is exploring mergers and acquisitions to accelerate growth, whilst expanding its software licensing business to banks across Malaysia, Thailand, Indonesia, and Taiwan.