Turkish Insurance News

Turkey insurance market grows

Turkey insurance market grows
06 Mart 2018 - 21:59

Data from the Turkey Insurance Association has shown that total insurance premiums in the country reached US$12.3 billion last year. This represents growth of 15 per cent compared with 2016 (and real terms growth of 2.6 per cent). Breaking down the market into specific lines, non-life insurance premiums grew by 11.9 per cent, while life premiums grew by an impressive 35.8 per cent, increasing its overall market share from 12.4 per cent in 2016 to 14.7 per cent last year.

While compulsory third-party motor liability insurance decreased its market share by four percentage points to 32.8 per cent, it still remained the biggest contributor to the overall premium total, and the largest business segment.