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 www.xprimm.com and download the FY2015 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