STATISTICS: TURKEY, 3Q2018: double digit growth/decrease rates depending on the currency of denomination

22 November 2018 — Daniela GHETU
The Turkish insurance market ended 3Q2018 with GWP worth TRY 39.5 billion, 18.16% up y-o-y. Yet, the dramatic depreciation of the Turkish Lira against Euro has affected once again the market results denominated in European currency, translating them in a double digit negative change.

Thus, GWP by the Turkish insurers denominated in Euro amounted to EUR 5.67 billion, 28.73% down y-o-y.

Recording a lower than average dynamic in the first nine months of the year, Life insurance has lost a little over 1 percentage point from its weight in the market portfolio, currently accounting for 13.8% of the total GWP.

On the non-life insurance side, the motor insurance segment recorded the highest growth rate, mostly driven by the MTPL line (almost 25% increase in GWP).

Top 3 insurers - Allianz, Anadolu and Aksigorta -, are accounting together for 27% of the market GWP.

Access and download the 3Q2018 Turkish insurance market statistics.

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