Turkey: Technical profit of sector soars 73% in first 9 months
Source: Middle East Insurance Review | Jan 2021
The insurance industry achieved a technical profit of TRY13.9bn ($1.8bn) for the first nine months of 2020, representing an increase of 72.8% compared to the corresponding period in 2019, according to data from the Insurance Association of Turkey.
The non-life segment posted a technical profit of TRY7.2bn for the first three quarters of 2020 whereas the life segment reported a technical profit of TRY6.7bn.
The non-life branch which posted the highest technical profit was the motor own damage branch with a figure of TRY1.99bn. The branch’s technical loss ratio stood at 28.3%.
The branch with the highest loss was engineering insurance, with a ratio of -11.8% and a loss of TRY75m. M
TRY1 = $0.13