STATISTICS: SEE, 1H2016: Turkish market's double digit growth supported the remarkable positive trend recorded in the regional GWP

The three insurance markets considered under the SEE cathegory - Greece, Cyprus and Turkey, have seen an overall positive trend in the first half of 2016, with the aggregated GWP going up by 18% y-o-y, to EUR 8.7 billion.

Turkey was the undisputed growth driver, both due to its 28.3% increase in GWP and as a result of ots dominant share, of over 73%, in the regional premium production.

However, one should carefully consider the y-o-y comparison for the Greek market, as changing the reporting system according to Solvency II requirement led to a relative lack of comparability for certain classes, mainly in the life insurance sector.

As far as the Turkish market is concerned, much of its impressive growth came from the MTPL insurance line, partly supported by the increasing cars sales, but mostly driven by the significant raise in tariffs. Also, it is worth noting the improvement achieved by the Turkish insurers in profitability terms. Thus, the consolidated technical result of the market has definitely improved, especially on the non-life side where insurers ended 1H with an aggregated technical result of EUR 114.6 million, significantly improved as compared with the technical loss of EUR 72 million recorded in 1H2015. In local currency, the difference is even bigger

Read a comprehensive analysis of the trends recorded in the SEE insurance markets, as well as regional and country statistic data in the latest issue of the XPRIMM Insurance Report CEE, SEE & CIS 1H2016.

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

Share |

Related articles

Climate and cyber: two Cs with catastrophic potential and the insurance business - under debate in Vienna, on April 9

10 years after its inception, the Romanian mandatory dwelling insurance system has progressed and PAID, the pool underwriting and managing the mandatory policies is a strong and financially sound institution. "We are currently managing a reinsurance program worth EUR 920 million, with a pool of excellent reinsurers, more than half of them rated AA+, while the company's solvency rate is of 220%," recently stated Nicoleta RADU, CEO, PAID.

2019-03-21

FITCH: rising claims costs are challenging UK motor insurers

UK motor insurers' profit margins will remain under pressure as insurers struggle to increase premium rates to keep pace with rising claim costs, Fitch Ratings says in a new report. It is difficult to put up prices without losing business as the market is highly competitive and price-sensitive in the UK.

2019-03-21

Book your seat at IFRS 17 Nordics Conference!

IFRS 17 Nordics, taking place on the 9th of May in Stockholm, is a unique chance to gain actionable insights that will help professionals make their IFRS 17 implementation project succeed.

2019-03-14

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.

2019-03-14

AON's NVG further advances Intellectual Property Solutions

AON's New Ventures Group (NVG) will be sponsoring the firm's Intellectual Property Solutions (IPS). IPS aims to help firms identify and manage risks surrounding proprietary data. To accomplish this objective, NVG recently appointed Brian COCHRANE as Chief Commercial Officer.

2019-03-14

Conclusions: TBILISI - the first Georgian International Insurance Conference

The first Georgian International Insurance Conference took place on 14 March 2019. The event 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 was 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.

2019-03-14

ON THE MOVE

Bulgaria: Boiko ATANASSOV appointed as FSC's head

The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.

21.03.2019

TOP EVENT

Climate and cyber: two Cs with catastrophic potential and the insurance business - under debate in Vienna, on April 9

10 years after its inception, the Romanian mandatory dwelling insurance system has progressed and PAID, the pool underwriting and managing the mandatory policies is a strong and financially sound institution. "We are currently managing a reinsurance program worth EUR 920 million, with a pool of excellent reinsurers, more than half of them rated AA+, while the company's solvency rate is of 220%," recently stated Nicoleta RADU, CEO, PAID.

21.03.2019

Conclusions: TBILISI - the first Georgian International Insurance Conference

The first Georgian International Insurance Conference took place on 14 March 2019. The event 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 was 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

See all