The motor lines generate almost 50% of the insurance industry's GWP in Turkey

6 October 2016 — Alexandru CIUNCAN
conf_istanbul_iiic_6oct2016_micToday kicked off in Istanbul the 8th Edition of the International Istanbul Insurance Conference, which focuses on the topic of digital insurance market. "We decided to continue with the organization of this traditional event, despite passing through a difficult situation in Turkey. We believe in our country", Menekse UCAROGLU, President of IUC, stated in the opening of the event which is hosted by MILLI Re. 

Mehmet Akif EROGLU, Secretary General of TSB-Turkish Insurers' Association gave an overview of the market, which has a 72% share of foreign capital. The insurance sector grew by 33% H1 2016 vs H1 2015, especially due to motor lines which generate almost 50% of the industry's GWP and produce losses of USD 189.8 million (although the non-life sector obtained a profit of USD 125 million). 56% of the total MTPL claims are due to bodily injuries - this escalation causing an increase in the average MTPL premium from EUR 130 in 2015 to EUR 222 at the end of August 2016 - which of course created a strong reaction from the public and media. The average MTPL premium in EU Member States was EUR 221 per year.

You can find a full interview with the representative of TSB and a detailed analysis of the Turkish market in the latest issue if TURKEY Insurance Report magazine. The publication was officially launched at the conference and can be ordered online on www.xprimm.com.

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