STATISTICS: TURKEY, 3Q2020: Market posts Q3 negative rates in EUR due the TRY fall

12 November 2020 — Andrei Victor
According to the quarter figures published by TSB - Association of Insurance and Reinsurance Companies of Turkey - at the end of September 2020 the local insurance market increased by 22.4% y-o-y reaching TRY 59.3 billion (~EUR 6.5 billion*).

In European currency, due the exchange rates differences (1 EUR = 9.10 TRY at September 30th 2020 vs. 1 EUR = 6.17 TRY at September 30th 2019), the market change was negative: -16.9% y-o-y.

Premium production in the life sector jumped by 52% y-o-y to TRY 11.25 billion, while on the non-life side, the GWP increased by 17% y-o-y to TRY 48 billion.

At the end of Q3 2020, the busieness lines with the largest shares in total GWP were: MTPL (24.86%), life (18.98%), fire and allied perils (12.29%), MoD (12.25%) and health (12.24%).

Of the 58 active members of TSB, the company which generated the largest premium volume was the newly created state insurer Turkiye Sigorta AS (10.58% market share) followed by ALLIANZ Sigorta with TRY 2.09 billion (market share of 9.57%) and ANADOLU Sigorta (9.55%).


* for an exchange rate of 1 EUR = 9.0999 TRY (September 30th, 2020)


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