News Middle East17 Jul 2019

Turkey:Demand for Nat CAT insurance on the rise

| 17 Jul 2019

Heavy rains experienced in recent years throughout Turkey have led to increased demand for insurance. Research shows that storms constitute half of all extreme events followed by floods and hail.

Data from the Insurance Association of Turkey show that in the first five months of this year, premium growth exceeded 20%, compared to the corresponding period of the previous year, for flood,natural disaster (other than flood and quake) and landslide insurance.

The table below shows premium growth for the first five months of 2019 compared to the corresponding period in 2018 for the three classes of business:

 

Class of business

2019

TRY

2018

TRY

Growth

Floods

39.8m

32.2m

23.6%

Natural disasters other than floods and quakes

19.2m

15.1 m

27.2%

Landslides

19.3m

15.3 m

26.1%

Total of the 3 branches

78.3m

62.6 m

25.1%

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