STATISTICS: TURKEY, 1H2020: Local insurance market expanded by 21%

3 September 2020 —
STATISTICS: TURKEY, 1H2020: Local insurance market expanded by 21%
The Turkish insurance market generated total premium of TRY 40.2 billion (~EUR 5.2 bilion*) in the first half of this year, an increase of 21.0% compared to the corresponding period in 2019, according to data released by the Insurance Association of Turkey (TSB).

The non-life insurance sector posted premium of TRY 32.9 billion (14.9% increase) while the life insurance sector reported premium of TRY 7.3 billion (59.3% increase). In European currency the non-life sector's GWP decreased by about 1.9% y-o-y, while the life sector's GWP grew 36.0%.

The class with the highest premium production in the first half of 2020 was the motor third party liability branch with premiums of TRY 9.5 billion. The second largest premium production was recorded by health insurance (TRY 5.4 billion) while the third largest GWP volume was seen in fire and allied perils property insurance (TRY 4.9 billion).

The overall TOP-3 insurers - ANADOLU, ALLIANZ and AKSIGORTA -, are accounting together for a quarter of the market GWP. The TOP-3 ranking remained the same as at the end of 1H2019. GUNES SIGORTA, ranking 5th at the end of 1H2020, was one of the fastest growing companies during this period, managing to more than double (+115.5%) its GWP when compared to 1H2019, when it was ranked on 12th place.

* for the following exchange rate:
1 EUR = 7.6858 Turkish lira - TRY (June 30th, 2020)

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