At the end of June 2016, the Turkish insurance sector totaled TRY 20.66 billion (about EUR 6.4 billion), up by 35.6% y-o-y, according to the preliminary data from the Insurance Association of Turkey (TSB). Non-life insurance GWP was up by 37.83% to TRY 18.14 billion while the life insurance segment reported a 19.52% y-o-y growth-rate.

The growth in premiums was driven by motor third-party liability insurance class where the value of GWP went up by 115% to TRY 9.58 billion.

Thus, following this triple-digit reported growth rate - due exclusively by the increasing tariffs of the MTPL policies, the Motor TPL insurance became the largest line of business, contributing with almost 32% to the aggregate GWP.

A year before, the MTPL contribution to the Turkish market was of 20% in GWP terms.

In depth details about the Turkish insurance market evolution in 2015 and 1H2016 will be available in the forthcoming issue of XPRIMM Insurance Profile Turkey, to be released on October, 6th, on the occasion of the 8th International Istanbul Insurance Conference.

Access www.xprimm.com and download the 1H2016 Turkish insurance market statistics.