News Middle East26 Oct 2020

Turkey:Life insurance sector sees premiums soar by 52% in Jan-Sep period

| 26 Oct 2020

Premium production in the life sector jumped by 52% during January-September to TRY11.25bn ($1.41bn) compared to the corresponding period in 2019, according to data posted by the Turkey Insurance Association (TSB) on its website.

On the non-life side, premium production increased by 17% to TRY48.01bn in the first nine months of this year.

Overall, premium income generated in the Turkish insurance market increased by 22.4% in the first three quarters of this year compared to the corresponding period last year, reaching TRY59.26m.

The branch which generated the most premiums in the first three quarters of this year was the land vehicle liability insurance with TRY14.73bn.

Takaful

Participation insurance (takaful) business posted a premium income of TRY3.01bn for the first nine months of this year, an increase of 20.1%. Of this, TRY2.77bn was generated by general takaful while TRY237m came from the life side.


 


 


 

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