News Middle East23 Nov 2020

Turkey:Technical profit of insurance sector soars 73% in first 9 months

| 23 Nov 2020

The insurance industry achieved a technical profit of TRY13.9bn ($1.8bn) for the first nine months of 2020, representing an increase of 72.8% compared to the corresponding period last year, according to data from the Insurance Association of Turkey (TSB).

The non-life insurance segment posted a technical profit of TRY7.2bn for the first three quarters of the year whereas the life segment reported a technical profit of TRY6.7bn.

The non-life branch which posted the highest technical profit was the motor own damage branch with a figure of TRY1.99bn. The branch's technical loss ratio stood at 28.3%.

The branch with the highest loss was engineering insurance, with a ratio of -11.8% and a loss of TRY75m.

 

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