News Middle East29 Jul 2020

Turkey:Insurance market surges by 21% in 1H

| 29 Jul 2020

The Turkish insurance market generated total premium of TRY40.22bn ($5.8bn) in the first half of this year, an increase of 21% compared to the corresponding period in 2019, according to data released by the Insurance Association of Turkey (TSB).

The non-life insurance sector posted premium of TRY32.9bn (14.6% increase) while the life insurance sector reported premium of TRY7.32bn (59% increase).

The branch with the highest premium production in the first half of 2020 was the motor third party liability branch with premiums of TRY9.5bn.

Participation sector sees 14% growth in 1H2020

Total contributions in the first six months of the year from participation insurance increased by 14.4% to TRY2,54bn. While TRY1.9bn was generated from the non-life segment, TRY127m was written on the life side.


 

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