Turkey: First-ever data shows premiums from participation insurance hit $330m in 2017
Source: Middle East Insurance Review | May 2018
Total contributions from participation insurance grew by 25.8% to TRY1.32bn ($330.5m) in 2017, according to the Insurance Association of Turkey (TSB) which for the first time announced the annual performance of the participation insurance or takaful sector.
This accounted for 2.83% of the country’s overall insurance market that amounted to TRY46.6bn, including premiums generated overseas. Currently, there are seven companies offering takaful services.
The non-life sector saw contributions rise by 24.5% to TRY1.27bn, while life business soared by 77.1% to TRY47bn in 2017, reported Insurance Gazette.
The 2017 data also showed that in the non-life sector, compulsory motor third party liability business accounted for TRY708.6m or 55.8% of contributions.
In line with the participation insurance regulation in effect since December 2017, the data for this segment is classified under the separate title of participation insurance.
New regulations and the entry of new companies are expected to boost the participation insurance or takaful market. M