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
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