STATISTICS: Turkey, Q1 figures: New-created State insurers' aggregate share in total market expanded to 16.5%

10 June 2021 —
STATISTICS: Turkey, Q1 figures: New-created State insurers' aggregate share in total market expanded to 16.5%
Total GWP generated by the insurance market in Turkey totaled TRY 25.3 billion (EUR 2.6 billion) at the end of March 2021, 15.8% more y-o-y, according to figures from the Insurance Association of Turkey -TSB.

Non-life insurance business posted premiums of TRY 21.4 billion while the life insurance segment saw premiums of TRY 3.8. In GWP terms, the biggest non-life subclasses were the two property LoBs (GWP of over TRY 6.8 billion) followed by Motor TPL (premiums of TRY 5 billion) and health (TRY 3. 9 billion).

Of the 60 active members of TSB, the company which generated the largest premium volume was the non-life state-owned Turkiye Sigorta with a 12.8% market - GWP of TRY 3.25 billion, followed by Allianz Sigorta (market share of 9.8%) and Anadolu Sigorta (9.3%). Turkiye Hayat ve Emeklilik - the life insurance arm of the Turkish State - ranked 7th with GWP of TRY 915 million (3.6%).

At the same time, at the end of March 2021, the State-owned insurer increased its net profit by 3% to TRY 329 million compared to the corresponding period in 2020, wrote Middle East Insurance Review here. Its asset size expanded by 14% to TRY 12.2 billion.

"In a period when pandemic conditions are felt intensely, we have made steady growth and maintained our leadership in the sector with our solutions that make life easier for our customers", said Atilla BENLI, General Manager and Deputy Chairman of Turkey Insurance, cited by Middle East Insurance Review,

Launched on September 7 2020, Turkey Insurance brings six state-run insurance and pension companies under a single roof.

The Turkey Wealth Fund (TWF) acquired, for a total consideration of TRY 6.54 billion, all shares of partially state-owned insurance companies - HALK Sigorta, GUNES Sigorta, ZIRAAT Sigorta, HALK Hayat ve Emeklilik, ZIRAAT Hayat ve Emeklilik and VAKIF Emeklilik ve Hayat - to consolidate them under a single roof, the TURKEY Insurance Joint Stock Co.

The creation of biggest insurance & pensions company in the country was a project of the Treasury and Finance Ministry in order to raise the country's domestic savings rate and grow the non-banking financial services sector.

Access and download the 1Q2021 Turkish insurance market statistics.