STATISTICS: Turkey 3Q2017: Major fall in the top insurers' MTPL GWP following tariffs' ceiling
During 3Q 2017, Turkish insurers reported aggregate GWP worth TRY 33.43 billion (EUR 7.96 billion), a nominal growth rate of 14.76%, according to the quarterly statistics published by the Association of Insurance and Reinsurance Companies of Turkey.
Life insurance line registered a y-o-y growth rate of 49.22% to TRY 5.01 billion, while the non-life side was up by 10.26% y-o-y to TRY 28.42 billion.
It is worth mentioning that except the Motor Vehicle Liability sub-class, all major business lines reported double-digit growth rates. In case of MTPL line, the 3.63% decrease in GWP was due the application of a ceiling on premiums with effect from 12 April 2017. For example, the Top 3 MTPL insurers as GWP (out of a total of 32 authorized companies), reported decreases on this line of business of -42% (ALLIANZ Sigorta), -23% (ANADOLU Sigorta) and -15% (MAPFRE Sigorta).
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
- Motor Hull
- Fire and allied perils
- Damages to property
- Motor vehicle liability