STATISTICS: TURKEY, 1Q2020: Insurance sector sees 25% y-o-y growth at the end of the quarter

16 July 2020 — Andrei Victor
Total GWP generated by the insurance industry in Turkey reached TRY 21.83 billion (EUR 3.03 billion) in the first three months of this year, representing an increase of 24.79% compared to the corresponding period of 2019, according to data from the Insurance Association of Turkey -TSB.

Non-life insurance business posted premiums of TRY 17.69 billion while the life insurance segment saw premiums of TRY 4.13 billion in the first three months of the year.

According to the presented statistics, in terms of GWP volume, the biggest non-life classes of business in 1Q2020 were the two property LoBs (GWP of over TRY 5 billion) followed by Motor TPL (premiums of TRY 4.89 billion) and health (TRY 3.29 billion).

In terms of payments, of the total, the non-life sector contributed with TRY 7.18 billion claims paid by insurers or 85.25%, while the life segment generated indemnities worth TRY 1.24 billion (14.75% of total)

Of the 60 active members of TSB, the company which generated the largest premium volume was ALLIANZ Sigorta with TRY 2.09 billion (market share of 9.58%), followed by ANADOLU Sigorta with TRY 1.94 billion (8.93%) and AkSigorta with TRY 1.23 billion (5.65%).

Access and download the 1Q2020 Turkish insurance market statistics.

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