STATISTICS: TURKEY 1H2014: After years of double digit growth rates, the market ends 1H with a 5.7% increase in premiums
The life insurance sector saw an almost 15% y-o-y decrease in GWP. Also, the motor insurance lines, usually providing a strong growth source, recorded a dramatic slowdown, from the 25.6% growth rate recorded by the end of 2013, to the less than 1% increase in premium reported in 1H2014. Although there is yet not strong evidence with regard to the reasons of this visible slowdown, considering the past market experience it seems reasonable to believe that at least in part the trend is related to the decreasing trend recorded in the banking consumer lending. Additional restrictions on consumer lending and higher interest rates introduced in the beginning of 2014 could be the cause. For example, according to Turkey's Automotive Distributors Association sales of passenger cars and light commercial vehicles in Turkey fell 24.85% y-o-y. Beside the restrictions imposed by the BDDK (Banking Regulatory and Supervisory Agency) on credit transactions, unfavourable exchange rates, higher interest rate, higher passenger car taxes and a slowdown in private sector investments all "caused a significant reduction in the automotive market". Thus, from a 25.6% growth in 2013, GWP for Motor Hull insurance saw a 3% fall in 1H2014. MTPL maintained a positive dynamic, although at a significantly slower pace than in the past.
ANADOLU, AXA and ALLIANZ are the Top 3 leading companies of the Turkish market, with a total market share of about 30%.
Access www.xprimm.com and download the 1H2014 Turkish insurance market statistics.
Market portfolio (in EUR and TRY):
- Gross written premiums
- Growth rates
- All insurance market
- Life insurance
- Motor Hull
- Fire and allied perils
- Damages to property