Turkey: Insurance agencies' contributions down in 2017
Source: Middle East Insurance Review | May 2018
The proportion of total business contributed by insurance agencies has fallen to 55.7% last year from 61% in 2016.
The agency channel accounted for TRY25.9bn ($6.4bn) of the total premiums of TRY46.5bn generated by the insurance market last year, reported Insurance Gazette.
The most active agents are in the non-life sector. Last year, agents contributed 64.2% or TRY25.5bn of the total non-life premiums of TRY39.7bn. In comparison, this share was 68.9% in 2016.
In the non-life market, agencies accounted for 83.8% (TRY10.3bn) of the total compulsory motor third party liability premiums of TRY12.3bn last year. In 2016, their share in this class of business was 93.4%.
In 2017, agencies generated 51.1% of the total premiums of TRY4.8bn produced in this branch.
Agencies continued to have a low market share in the life branch, accounting for 6.2% of the total life premiums of TRY6.8bn in 2017. This share was 5.5% in 2016 and 10.1% in 2013.
There are currently around 16,000 agencies operating in the insurance market. It is estimated that about 10,000 of them are active. M
TRY1 = $0.25