STATISTICS:

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.

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

Lloyd's of London announced new members to the Council

Lloyd's of London announced that Albert BENCHIMOL and Victoria CARTER have been appointed respectively External member and Working member of the Lloyd's Council with effect from 1 February 2019. Michael WATSON, currently on the council, has been re-elected as External member.

15.01.2019

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