Total insurance premiums in Turkey reached TRY46.5 billion (US$12.3 billion) in 2017, representing an increase of 15% over 2016, according to data from the Turkey Insurance Association (TSB).
Non-life insurance contributed TRY39.66 billion to total premiums last year, showing an increase of 11.9% over 2016, while life premiums raced ahead by 35.8% to TRY6.84 billion. Life insurance increased its market share from 12.4% in 2016 to 14.7% last year.
In real terms, the insurance market grew by 2.6% in terms of premiums last year.
Compulsory motor third-party liability insurance contributed TRY12.99 billion in terms of premiums last year, representing the biggest class of business. Motor premiums were flat with a 0.5% increase last year, due mainly to the establishment of a motor risk pool and the imposition of a ceiling on premiums last year. This class of business saw a decline of four percentage points to 32.8% in total market share.