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

27 October 2016 — Daniela GHETU
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.