News Middle East28 Jan 2021

Turkey:Insurance market grows by nearly 20% in 2020 despite COVID-19

| 28 Jan 2021

The Turkish insurance industry grew by 19.3% to report total premiums of TRY82.6bn ($11.2bn) in 2020 compared to 2019, in spite of the COVID-19 pandemic, announced the Turkey Insurance Association (TSB).

In comparison, in 2019, the sector produced premiums of TRY69.2bn, 26.7% over 2018, reported Insurance Gazette citing TSB data.

A breakdown of premium income by life and non-life business in 2020 is as follows:

Branch

2020 premiums

(TRY bn)

2019 premiums

(TRY bn)

Growth %

2020 over 2019

Life

14.4

11.4

26.3

Non-life

68.2

57.9

17.6

Total

82.6

69.2

19.3

 

The branch with the highest premium volume in 2020 was the motor vehicle third party liability branch with premiums of TRY20.5bn.

Participation insurance (takaful)

The TSB also announced that participation insurance produced contributions of TRY4.3bn in 2020, 24.2% higher than in 2019 (growth in 2019: 54%). While TRY3.9bn in contributions was generated from general participation insurance, TRY326m was produced by the life side.

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