The amount of compensation that the insurance sector incurred increased by 22 percent to 21 billion liras in 9 months of the year compared to the same period of 2016.
Turkey Insurance Association (TSB) According to the statement, compared to the sector’s premium production in the same period last year, 10.4 percent in non-life insurance, life insurance is the branch percent of 49.2, recorded average in percent 14.9 growth.
With these results, premium production of non-life insurance is 28.4 billion TL, life insurance premium production is 5 billion TL while total premium production of industry has reached 33.4 billion TL. the increase in non-life premiums compared to life insurance premiums production was the effect of the ceiling price application in the traffic sector, which is the largest share in production.
The expansion in the volume of bank loans played an important role in the growth in the life branch. Asset size of insurance, reinsurance and pension companies increased by 24 percent compared to the same period of last year and amounted to TL 143.8 billion and total shareholders’ equity amounted to TL 20 billion. the amount of compensation received by the industry reached 22 billion liras in the first nine months of the year, up 22 percent from the same period in 2016.
While the total net profit of the companies was realized as TL 2.7 billion, while TL 1.2 billion of the balance sheet profit came from non-life companies and 1.5 billion TL from the life and pension companies.
BES’s fund size approached 76 billion liras
As of December 8, the number of participants in the Individual Pension System (BES) reached 6.9 billion and the size of the fund reached 75.9 billion lira including government contribution.
With the automatic participation application launched this year, 3.5 million employees of 7.9 million employees entered the system as of December 6, while the retirement rate was 54 percent. The automatic participation fund amount of the participants who reached contracts reached TL 1.6 billion.