Turkiye: Health insurance leads industry growth in 1H2023

Source: Middle East Insurance Review | Sep 2023

Total premiums generated in the Turkish insurance market rocketed by 131.3% to TRY210.35bn ($7.8bn) in nominal terms in the first six months of this year, according to statistics released by the Insurance Association of Turkiye.

The real growth in the sector was 67.4% in the January-June 2023 period, reported Sigorta Medya citing TSB data.

Health and critical illness was the fastest growing branch in 1H2023 with a nominal rate of increase of 160.3%. Compulsory motor third-party liability insurance (also known as traffic insurance) was the biggest insurance branch during the period.

Industry executives said that increases in the valuation of insured assets and insurance premium hikes in the last 1.5 years, due to high inflation and rising costs, had a huge impact on the pace of growth of the insurance market sector in real terms. M

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