STATISTICS: TURKEY, FY2019: Local market sees double-digit growth at the end of the year

The Turkish insurance industry totaled TRY 69.24 billion (EUR 10.37 billion) in premiums in 2019, according to data released by the Turkey Insurance Association (TSB). The figure represents a nominal increase in local currency of 26.69% over 2018, while the same indicator calculated in European currency was 14.90% due the deprecietion of Turkish Lira against Euro.

Non-life insurance companies generated premiums during 2019 of TRY 57.88 billion, while life insurers collected premiums of TRY 11.35 billion. The growth rate for non-life insurers in 2019 was 21.26% while the life sector posted a real increase of 64.14%. On the non-life insurance side, all main subclasses reported impressive positive rates, as follows: property (+17.22%), MoD (+ 19.93%), MTPL (+18.02%), GTPL (+23.01%), accidents (+30.92%), health (+33.85%).

Last year, top 5 insurers as GWP volume were ALLIANZ (10.00% market share), ANADOLU (9.54%), AKSIGORTA (6.46%), AXA Sigorta (5.93%) and SOMPO JAPAN Sigorta (4.86%). The menioned insurers accounted together more than one third (36.78%) of the market GWP.

Access and download the latest Turkish insurance market statistics.

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