TURKEY: Insurance sector grows 12%

10 September 2012 —
Association of the Insurance of Turkey (AIT) announced the numbers of insurance sector in the first 6 months of 2012. In the meeting that the operations of the Association of the Insurance of Turkey were explained, the reorganizing of the association regarding the Individual Pension System that was taken under the Association was handled.

AIT Chairman Mustafa Su stated that the sector has grown compared to the same period of the previous year by over 12 per cent in total in producing of the policies in 2012, which means the sector reached the desired stability level. Su also stated that there was a decrease in the branch of life insurances compared to the previous year, adding that there is 17 per cent growth in the bonuses of non-life insurances. In total, 12.8 per cent increase in bonuses was realized.

Mustafa Su also suggested that with the alteration draft concerning the Insurance Law coming into effect, it was provided that insurance companies and pension companies are under the same trade body, cooperating together.

Su, stating that a new process has started with these new developments, indicated that a fresh start is about to come to the sector. In the meeting, Su mentioned the numbers of individual insurance system in the period of January-June 2012, saying that funds magnitude of over 17 billion Turkish Liras, 2 million 845 thousand participators and 14.6 per cent growth was reached.

Su mentioned also that these numbers will even grow further with the effect of this law, continuing that non-life insurances increased by 12.20 per cent compared to the previous year, policy producing in life insurances grew by 11.97 per cent and the health insurances branch grew by 41.7 per cent as a total, leading with the other branches.

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TURKEY: Insurance sector grows 12%
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