STATISTICS: TURKISH insurers reported impressive growth rates on all classes at the end of September

21 November 2019 — Andrei Victor
The Turkish insurance market ended 3Q2019 with GWP worth TRY 48.4 billion, 22.5% up y-o-y. At the same time, the appreciation of the Turkish Lira against Euro has influenced the market rates calculated in European currency, translating them in a 38% positive change to EUR 7.8 billion.

Due the higher growth rate (+35.6% y-o-y to TRY 7.4 billion), life insurance increased its weight in the market portfolio by more than 1% to 15.3% y-o-y.

On the non-life insurance side, all main subclasses reported impressive positive rates, as follows: property (+15.8%), MoD (+ 20.4%), MTPL (+16%), GTPL (+24%), accidents (+26.5%), health (+34%).

Top 5 insurers - Allianz (10% market share), Anadolu (9.6%), Aksigorta (6.4%), AXA Sigorta (5.8%) and Sompo Japan Sigorta (4.9%) -, are accounting together for more than one third (36.6%) of the market GWP.

Access and download the 3Q2019 Turkish insurance market statistics.

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