STATISTICS: TURKEY, FY2018: Insurance posted 17.4 y-o-y growth rate in local currency

The insurance industry in Turkey posted a growth of 17.4% y-o-y in GWP to TRY 54.6 billion (EUR 9 billion) in 2018, according to preliminary data released by the Insurance Association of Turkey (TSB).

It is worth mention that in European currency, the market dynamic was negative, due to depreciation of local currency against euro from TRY 4.52 per EUR at the end of December 2017 to TRY 6.05 per EUR on December 31st, 2018.

In terms of business lines, non-life premiums expanded by 20.2% to TRY47.7 billion, while life premiums stood at TRY 6.9 billion, representing a marginal y-o-y growth of 1%.

MTPL insurance remained the biggest contributor to aggregate GWP with TRY 15.8 billion (~EUR 2.6 billion), 21.5% more-y-o-y, representing about 30%.

Of the 60 active members of the Turkey Insurance Association, the company that generated the largest GWP volume was ALLIANZ Sigorta, with TRY 5.8 billion (market share of 10.6%), followed by ANADOLU Sigorta with TRY 5.7 billion (10.4%) and AkSigorta with TRY 3.4 billion (6.3%).

Access and download the FY2018 Turkish insurance market statistics.

Market portfolio (in EUR and TRY):

  • Gross written premiums
  • Paid claims
  • Growth rates
Market rankings in EUR and TRY (GWP/ Market shares/Growth rates):

  • Total market
  • Life insurance
  • Non-life
  • Motor Hull
  • MTPL
  • Accidents
  • Health
  • Fire
  • Damages to property
  • GTPL

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