STATISTICS: TURKISH insurance sector up by 7.3% in 2014

Last year, the Turkish insurance industry reported a 7.3% increase in GWP, to TRY 25.9 billion (EUR 9.2 billion), compared to the previous year's TRY 24.2 billion, according to the preliminary figures published by the Insurance Association of Turkey - TSB.

On insurance classes, the non-life segment accounted for 87.4% of total premiums and increased by 9% y-o-y to TRY 22.7 billion.

It is worth mentioning that the positive evolution of the general insurance segment was supported by all insurance sub-classes. Thus, the most significant growth rates were reported for the following segments: GTPL (+24.9%), health (+18.5%), goods in transit (+17.5%), accidents (+16.7%) or property insurance (+13.9%).

On the other hand, even if the two motor insurance classes have not reported double-digit growth rates (these two generating about 41% of the total insurance market), in absolute values, they have contributed to the evolution of the Turkish insurance industry with TRY 145 million (2.7% more y-o-y) - in case of MTPL policies, and with TRY 59 million (up by 1.2%) - Motor hull.

Life insurance accounted for the remaining TRY 3.3 billion (12.6% of total market), down by 3.4% y-o-y.

In terms of gross written premiums, the three largest insurers active on the Turkish market were ALLIANZ Sigorta (12.4% market share), AXA Sigorta (11.8%) and ANADOLU Sigorta (11.6%). The FY2014 preliminary statistics published by TSB include the financial figures for 65 insurers.

Access www.xprimm.com and download the FY2014 Turkish insurance market statistics.

Market portfolio (in EUR and TRY):
  • Gross written premiums
  • Growth rates
Market rankings in EUR and TRY (GWP/ Market shares/Growth rates):
  • All insurance market
  • Life insurance 
  • Non-life
  • Motor Hull
  • MTPL
  • GTPL
  • Fire and allied perils
  • Damages to property
  • Accidents
  • Health

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

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