STATISTICS:

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

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 www.xprimm.com 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

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

Turkey: BMS to expand its ops with local counterpart

The independent re/insurance broker BMS Group Limited (BMS) said it has entered into a tied representative agreement with Turkish specialist re/insurance broker RONESANS Reasurans ve Sigorta Brokerlik A.S. (RONESANS).

2018-06-28

A Turkish operational leasing firm acquired MAGDEBURGER Sigorta

Turkish operational leasing company BORLEASE Otomotiv acquired MAGDEBURGER Sigorta, a non-life small insurer owned by two local units of German group ALLIANZ: the non-life unit ALLIANZ Sigorta (80%) and the life and pension company ALLIANZ Yasam ve Emeklilik (20%).

2018-06-07

ON THE MOVE

ALLIANZ announced three executives appointments

German insurance Group ALLIANZ announced three senior leadership appointments at ALLIANZ DIGITAL Health, ALLIANZ Private Krankenversicherung and Allianz Global Corporate & Specialty SE.

18.01.2019

TOP EVENT

Inclusive insurance on the agenda of the second CEE & SEE - Regional Actuarial Insurance Conference in Skopje, Macedonia

Insurance should be accessible to all social classes, regardless of their wealth and income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. The low insurance penetration rates across the region show the need for another approach.

10.01.2019

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all