STATISTICS: Turkey 1Q2018: the insurance sector continued its impressive growth

The quarterly figures from the Turkey Insurance Association revealed that the local insurance market reached TRY 14.6 billion (EUR 3 billion) at the end of March 2018, up by 17.6% y-o-y.

Breaking down the market, non-life insurance premiums grew by 17.7% y-o-y to TRY 12.7 billion (EUR 2.6 billion), while life premiums grew by 16.9% to TRY 1.9 billion (~EUR 400 thousand).

MTPL insurance class remained the biggest contributor to the aggregate GWP with TRY 3.6 billion (~EUR 750 million), 18.7% more-y-o-y, representing about a quarter of total market.

It is worth mention that, in European currency all mentioned dynamics were negative due the depreciation of local currency against euro from TRY 3.88 per EUR at the end of March 2017 to TRY 4.86 per EUR at March 31st, 2018.

Of the 61 active members of Turkey Insurance Association, the company which generated the largest GWP volume was ALLIANZ Sigorta with TRY 1.46 billion (market share of 10.0%), followed by ANADOLU Sigorta with TRY 1.37 billion (9.4%) and AkSigorta with TRY 932 million (6.4%).

Access www.xprimm.com and download the 1Q2018 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
  • Motor vehicle liability

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

ON THE MOVE

GENERALI Group results for year 2018

In 2018, GENERALI Group operating result reached EUR 4,857 million (+3.0%), with a net profit of EUR 2,309 mil. (+9.4%). The total gross written premiums (GWP) of the Group amounted EUR 66,691 mil. (+4.9%).

14.03.2019

MetLife announced leadership changes as part of CEO transition

MetLife announced a series of changes to its senior leadership ranks in connection with its CEO transition, all of which are effective May 1, 2019. In January 2019, the BoD announced that Michel KHALAF, President, U.S. Business and EMEA, will become MetLife's President, CEO and Member of the Board effective May 1, replacing Steven KANDARIAN, who is retiring.

14.03.2019

HANNOVER RE launches an insurtech innovation platform

Germany-based Hannover Re launched a platform designed to bring the insurance companies and insurtech innovators closer. Through the "hr | equarium" platform, Hannover Re wants to facilitate the connection between supply and the demand for insurtech solutions, taking advantage of its worldwide spread.

14.03.2019

TOP EVENT

Conclusions: TBILISI - the first Georgian International Insurance Conference

Today takes place in Tbilisi the first Georgian International Insurance Conference, an event that will put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system is the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.

14.03.2019

Motor insurance - becoming more financially efficient and consumer friendly

Under the strong pressure put by the technological evolution, the motor insurance business is rapidly changing, both in operational terms and, most visible, in the way insurers are interacting with their customers. Step by step, the insurers' relationship with customers evolves from simply indemnifying insureds for the losses suffered because of road incidents, to helping them prevent incidents and rapidly recover after the accidents that couldn't be avoided.

27.02.2019

See all