News Middle East05 Sep 2019

Turkey:Takaful grows faster than conventional business in Jan-July

05 Sep 2019

Takaful insurance in Turkey posted contributions of TRY1.92bn ($335m) in the first seven months of this year, representing growth of 56.5%.

In comparison, data sent to the Turkey Insurance Association (TSB) by member companies show that the overall insurance industry saw total premiums rise by 19.8% to TRY38.29bn over the same period. This means that Islamic insurance contributed around 5% of the total industry premiums, according to a report in Insurance Gazette.

Participation insurance, as takaful is called in Turkey, was launched as a separate class of business in the country after the issuance of a regulation published in the Official Gazette on 20 September 2017 by the General Directorate of Insurance.

The largest branch in takaful in Turkey is, like conventional insurance, motor business. This generated contributions of TRY791m in the first seven months of this year, an increase of 27% over the corresponding period in 2018.

A summary of takaful contributions in Turkey from January to July this year is as follows:

Branch

Contributions

Jan-Jul 2019

TRY m

Contributions

Jan-Jul 2018

TRY m

Increase

%

Motor third party liability

791.48

621.56

27.3

General loss

471.94

51.77

811.6

Land vehicles

228.46

138.21

65.3

Fire & natural disaster

136.80

93.86

45.7

Accident

125.62

81.72

53.7

Legal

30.19

6.05

399.1

Health & illness

20.75

7.00

198.5

General liability

7.70

5.82

32.3

Cargo

6.53

6.45

1.1

Surety

2.29

1.62

41.1

Ship

0.05

0.04

9.4

Financial

0.49

0.12

314.3

Non-life total

1,823.26

1,014.60

79.7

Life

97.51

37.67

158.9

Grand total

1,920.77

1,052.27

82.5

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