Turkey: Life technical profits jumped by 47% in 2017
Source: Middle East Insurance Review | May 2018
Technical profits in life business in Turkey soared to TRY1.31bn ($321.8m) in 2017, 47% higher than the TRY888m reported for 2016, data from the Turkish Insurance Association (TSB) show.
The total technical profits in non-life branches of business in the Turkish insurance market reached TRY2.27bn last year, 24% higher than the TRY1.83bn in 2016.
In 2017, insurers suffered a technical loss of TRY535m in compulsory motor third party liability (CMTPL) business after a cap was placed on tariffs and a high-risk pool was established last April.
In contrast, technical gains posted in this class of business amounted to TRY18.9m in 2016 due to increases in motor premiums. This had followed technical losses of TRY2.385bn in CMTPL business in 2015.
Non-life insurance contributed TRY39.66bn to total premiums last year, showing an increase of 11.9% over 2016, while life premiums surged by 35.8% to TRY6.84bn. Life insurance increased its market share from 12.4% in 2016 to 14.7% last year. M
TRY1 = $0.25