There were no significant changes in portfolio terms: life insurance accounts for 13.8% of the total GWP, while most of the non-life lines maintained their portfolio weight almost unaltered. Among the business lines with a relevant contribution to the market GWP, Motor Hull, Fire insurance and Health have recorded a real positive dynamic (growth rates exceeding the inflation index).
The MTPL line, still affected by the price cap, saw a nominal growth rate of 12.9%, while in European currency the GWP volume for this line shrunk by 8.5% y-o-y, to EUR 1.33 billion. In May, the Ministry of the Treasury and Finance of Turkey added a new amendment to current MTPL Tariffs Principles Regulation, according to which insurance companies can use drivers' history to determine the final MTPL price. The new paragraph introduces penalties for drivers, saying that traffic rule violations can be used in the process of risk assessment to determine insurance premiums, as well as the period in which the driver got his/her documents suspended and the reasons that led to these measures.
Allianz Sigorta, Anadolu Anonim Turk Sigorta Sirketi, Aksigorta remained the Top 3 market leaders, with market shares of 10.08%, 9.8% and 6.45% respectively.
- Turkey 1H2019 Market Portfolio (in TRY and EUR)
- Turkey 1H2019 Insurance Companies Rankings (in TRY and EUR)