Non-life insurance contributed by TRY 39.71 billion to total GWP, showing an increase of 12% over 2016, while life premiums raced ahead by 35.8% to TRY 6.84 billion. Life insurance increased its market share from 12.45% in 2016 to 14.70% last year.
It is worth mentioning that the MTPL segment contributed about TRY 13 billion in terms of GWP, representing the largest class of business. Motor premiums were flat with a 0.8% increase last year, due mainly to the establishment of a motor risk pool and the imposition of a ceiling on premiums last year. At the same time, this class of business saw a decline of 4% to 28% as share in total GWP.
Per insurance companies, three of Top 5 non-life insurers reported negative rates in terms of GWP (ALLIANZ -11%, AXA -18% and MAPFRE -4%) due the negative "double-digit" backdrop reported on the MTPL line (-41%, -20%, and -20% respectively).
According to TSB statistics, the technical profit reported by local insurers increased by 31.77% y-o-y, to TRY 3.58 billion (about EUR 791.7 million).
Per business lines, life insurers technical profit was up by 47.79% to TRY 1.31 billion (EUR 290.3 million), while in case of non-life segment, the same indicator rose by 23.98% y-o-y to TRY 2.26 billion (about EUR 501.4 million).
In case of non-life segment, the largest contributions were reported by the following sub-classes: accidents (TRY 767.79 million), health (TRY 442.08 million), fire and allied perils (TRY 380.27 million), other damages to property (TRY 353.33 million) and MoD (TRY 290.78 million).
On the other hand, the largest technical loss was generated by the MTPL insurance class (TRY -535.87 million, or EUR -118.50 million), compared to a technical profit of TRY 18.90 million a year before.
Access www.xprimm.com and download the FY2017 Turkish insurance market statistics.
Market portfolio (in EUR and TRY):
- Gross written premiums
- Paid claims
- Growth rates
- Total market
- Life insurance
- Motor Hull
- Fire and allied perils
- Damages to property
- Motor vehicle liability