News Middle East28 Apr 2020

Turkey:Insurance sector sees 11.6% real growth in 1Q

28 Apr 2020

Total premiums generated by the insurance industry in Turkey reached TRY21.83bn ($3.12bn) in the first three months of this year, representing an increase of 24.8% compared to the corresponding period of 2019, according to data from the Insurance Association of Turkey.

In real terms, the sector grew by 11.6% in the first 3 months of this year, reported Insurance Gazette citing the association's data.

Non-life insurance business posted premiums of TRY17.70bn while the life insurance segment saw premiums of TRY4.13bn in the first three months of the year.

The biggest classes of business in 1Q2020 were:

  • motor third party liability (premiums of TRY4.89bn);

  • disease-health (TRY3.30bn);

  • general loss (TRY2.58bn);

  • fire and natural disasters branch (TRY2.49bn)

The industry growth in 1Q2020 was achieved despite the coronavirus pandemic. The first case was officially confirmed on 11 March 2020 and the number of confirmed cases has since exceeded 110,000 with the number of deaths exceeding 2,800.

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