News Middle East23 Jul 2019

Turkey:Insurance market shows steady growth in 1H

23 Jul 2019

The insurance sector generated premium income of TRY33.25bn ($5.9bn) 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.

Participating insurance

TSB data also show that participating insurance premium 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%.


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