STATISTICS: TURKISH market ends the first quarter with a 13% increase in GWP

At the end of March 2015, the Turkish insurance sector totaled TRY 7.9 billion (EUR 2.8 billion), this representing a nominal increase of 13.1% y-o-y, according to the market statistics recently published on the Insurance Association of Turkey - TSB's website.

The GWP portfolio was dominated by property insurance (fire, allied perils & other damages to property insurance, summed) - 28.8% of the total, followed by motor vehicle liability (17.5% of the total GWP), Motor Hull (16.2%), health (14.8%) and life insurance (11.9%). The remaining 10.7% was related to other non-life insurance classes.

At the same time, the value of claims paid by the local insurers increased 15.6% y-o-y to TRY 3.7 billion (EUR 1.3 billion). Of this total, about 27% were related to Motor TPL policies, 23% - voluntary Motor Hull insurance, 16% - health insurance, 15% - property line and 14% - life indemnities.

The market ranking was led by ALLIANZ Sigorta (11.4% market share), followed by AXA Sigorta (10.6%), ANADOLU Sigorta (10.3%), MAPFRE Genel Sigorta (5.9%) and AK Sigorta (5.8%).

Access www.xprimm.com and download the 1Q2015 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):
  • All insurance market
  • Life insurance 
  • Non-life
  • Motor Hull
  • MTPL
  • 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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