STATISTICS: TURKEY, FY2019: Local market sees double-digit growth at the end of the year

6 February 2020 — Andrei Victor
The Turkish insurance industry totaled TRY 69.24 billion (EUR 10.37 billion) in premiums in 2019, according to data released by the Turkey Insurance Association (TSB). The figure represents a nominal increase in local currency of 26.69% over 2018, while the same indicator calculated in European currency was 14.90% due the deprecietion of Turkish Lira against Euro.

Non-life insurance companies generated premiums during 2019 of TRY 57.88 billion, while life insurers collected premiums of TRY 11.35 billion. The growth rate for non-life insurers in 2019 was 21.26% while the life sector posted a real increase of 64.14%. On the non-life insurance side, all main subclasses reported impressive positive rates, as follows: property (+17.22%), MoD (+ 19.93%), MTPL (+18.02%), GTPL (+23.01%), accidents (+30.92%), health (+33.85%).

Last year, top 5 insurers as GWP volume were ALLIANZ (10.00% market share), ANADOLU (9.54%), AKSIGORTA (6.46%), AXA Sigorta (5.93%) and SOMPO JAPAN Sigorta (4.86%). The menioned insurers accounted together more than one third (36.78%) of the market GWP.


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