STATISTICS: TURKEY 3Q: Significant growth rates on all classes
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
- Total market
- Life insurance
- Motor Hull
- Fire and allied perils
- Damages to property
- Motor vehicle liability