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.