Turkish insurance market closed the first three quarters of 2012 with a premium production of about TRY 14.31 billion (EUR 6.2 billion), with an increase in local currency of 13.29% as compared to the same period of 2011. Non-life premium volume reached TRY 12.29 billion (EUR 5.3 billion), with a positive change of 16.83% over the same period of 2011. On the other side, Life branches reported a 4.38% y-o-y decrease, collecting TRY 2 billion (almost EUR 874 million) in premium.
Due to an impressive growth rate exceeding by far the market average (almost 23% y-o-y) motor insurance lines have increased their weight in the market portfolio to about 42%. Thus, overall gross premium written for motor insurance reached TRY 6 billion, of which Motor Hull underwritings amounted to TRY 3.25 billion (up 18.8% y-o-y). Yet, the best dynamic was achieved for the MTPL line for which GWP reached TRY 2.77 billion, pushed up by a 27.8% y-o-y increase.
On non-life segment, companies with the highest premium production in 3Q2012 were AXA Sigorta with TRY 1.7 billion, followed by ANADOLU Sigorta with TRY 1.65 billion, while third in classification was ALLIANZ Sigorta with TRY 1 billion.
On life insurance side ZIRAAT Hayat ve Emeklilik ranks first, with a TRY 463 million production, followed by ANADOLU Hayat ve Emeklilik with TRY 268 million, leaving GARANTI Emeklilik third which collected TRY 201 million.
Access www.xprimm.com and download the 3Q2012 Turkish insurance market statistics.
Market portfolio (in EUR and TRY):
- Gross written premiums
- Growth rates
- All insurance market
- Life insurance
- Non-life
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