Turkey: Insurance market sees 30% surge in premiums in 2016
Source: Middle East Insurance Review | Mar 2017
Total premiums in the Turkish insurance market hit TRY40.5 billion (US$11.1 billion) last year, an increase of 30.5% compared to the previous year, according to data from the Turkish Insurance Association. In comparison, premium growth in 2015 over 2014 was around 19%.
The data also show that Turkey’s insurance sector grew by about 20% in real terms last year when the annual inflation rate was around 8.5%.
In 2016, the company which generated the biggest premium volume was Allianz with TRY5.78 billion, followed by Anadolu Sigorta with TRY4.48 billion and Axa Sigorta with TRY3.56 billion.
TRY1 = US$0.27