STATISTICS: TURKEY 3Q: Significant growth rates on all classes

The Turkish insurance sector totaled TRY 22 billion (EUR 6.5 billion) at the end of September 2015, representing a nominal increase of 16.1% y-o-y, according to the market figures published on the Insurance Association of Turkey - TSB's website.

It is worth mentioning that eight main sub-classes that generate together more than 95% of total market reported significant growth rates: life (+12.6%), accidents (+12.7%), sickness and health (+17.3%), motor hull (8.6%), fire and allied perils (+13%), other damages to property (+24%), motor vehicle liability (+20.2), GTPL (+19.4%).

The value of claims paid by the local insurers increased by 15.3% y-o-y to TRY 11.2 billion (EUR 3.3 billion), of which about 50% were related to motor classes and more than 15% to property insurance lines.

In terms of GWP, the market portfolio was dominated by property insurance (fire, allied perils & other damages to property insurance, summed) - 25% of the total, followed by motor vehicle liability (22% of the total GWP), Motor Hull (18%), health (11.4%) and life insurance (12.6%).

The nine months market ranking as volume of GWP was led by ALLIANZ Sigorta (12.3% market share), followed by ANADOLU Sigorta (11.8%), AXA Sigorta (9.5%), MAPFRE Genel Sigorta (6.4%) and AkSigorta (5.6%).

Access www.xprimm.com and download the 3Q2015 Turkish insurance market statistics.

Market portfolio (in EUR and TRY):
  • Gross written premiums
  • Paid claims
  • Growth rates
Market rankings in EUR and TRY (GWP/ Market shares/Growth rates):
  • Total market
  • Life insurance 
  • Non-life
  • Accidents
  • Health
  • Motor Hull
  • Fire and allied perils
  • Damages to property
  • Motor vehicle liability
  • GTPL

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