STATISTICS: TURKEY, FY 2015: MTPL insurance segment drives the non-life business' profitability in negative territory

31 March 2016 — Daniela GHETU
The Turkish insurance sector ended 2015 with GWP of EUR 9.7 billion, 6% up y-o-y. In local currency, given the Turkish Lira depreciation throughout the year, the market dynamic seems even better, with a GWP y-o-y increase of over 19%, to TR 31.02 billion.

Life insurance maintained its about 12% share in the market GWP portfolio, recording a 14.6% growth in premium production which translated into European currency seems rather stagnant. In profitability terms, life insurers closed the year with a positive aggregated technical result, of EUR 198 million.

On the non-life market, the motor insurance lines had, as usual, the leading role, both in GWP and profitability terms. The MTPL insurance lines (voluntary and mandatory) account for over 24% of the total non-life GWP and are recording aggregated negative technical results since many years already. GWP for this segment amounted in 2015 to EUR 2.34 billion, 20% up y-o-y. Still, despite the impressing increase in premiums, the aggregated technical result remained negative, of EUR -735.3 million, corresponding to a loss ratio of 50.3%. Rising bodily injury claims and a significant increase in reserves are the main reasons of the scarce profitability of the MTPL insurance segment.

Motor Hull class has recorded less impressive results in terms of GWP growth - in fact, denominated in European currency, premiums fell by about 3% -, but by far better in profitability terms, with an aggregated technical result of EUR 136 million and a profit rate of 8%.

Overall, the non-life market recorded a technical loss of EUR 116 million.

Access and download the FY2015 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