Turkey: Insurance market grew 19% to $6bn in 1H
Source: Middle East Insurance Review | Sep 2019
The insurance sector generated premium income of TRY33.25bn ($6bn) in the first half of this year, achieving growth of 19.3% over the corresponding half of 2018, according to data from the Turkey Insurance Association (TSB).
In real terms, the sector grew by 3.1% in the first six months of this year, reported Insurance Gazette citing the TSB data.
Non-life premiums totalled TRY28.65bn, while life premiums stood at TRY4.6bn. Compared to 1H2018, real growth was 3% in the non-life sector and 3.2% in the life branch.
TSB data also showed that participating insurance premiums increased by 91.2% to TRY1.8bn in 1H2019.
In comparison, the insurance sector in Turkey generated total premiums of TRY27.88bn in the first half of 2018, an increase of 20.5% compared to the corresponding period of the previous year. After taking inflation into account, real growth in the sector was 4.4%. M
TRY1 = $0.18