Turkey: Total premiums up 16% in 1Q despite slow motor business
Source: Middle East Insurance Review | Jun 2017
The overall insurance sector in Turkey posted a 15.7% increase in premiums for the first quarter of 2017 to TRY12.4 billion (US$3.5 billion), according to data from the Turkish Insurance Association. This was despite a 2.4% increase in motor liability insurance premiums which accounted for around 25% of total market share.
The insurance industry’s growth rate from January to March was also higher than the inflation rate of over 11% in the same period.
The non-life market reported premiums of TRY10.8 billion, representing 86.6% of the overall market premiums. The sector’s growth in the first quarter was 11.7%, boosted by robust increases in several classes such as health, accident and fire.
Life insurance generated premiums of TRY1.7 billion, surging by 50.9% over the corresponding quarter in 2016.
The insurer which generated the highest volume of premiums in the first quarter was Allianz with TRY1.4 billion, followed by Anadolu Sigorta (TRY1.1 billion) and AXA Sigorta (TRY830 million). M
TRY1 = US$0.28