The Turkish insurance market

Regulatory authority: Undersecretariat of Treasury Directorate General of Insurance
Life and non life premiums (2013): 12 700 million USD
Insurance density(2013): 169.33 USD
Insurance penetration rate (2013): 1.55%

Area: 783 562 km²
Population (2013): 75 millions inhabitants
GDP (2013): 821 billion USD
GDP per capita (2013): 10 947 USD
GDP growth rate (2013): 4.2
Inflation rate (2013): 7.5%
Main economic sectors: Textile, tourism, electronics, motor industry, agriculture (tobacco, cotton, sugar, livestock), food industry

in thousands USD

	2009	2010	2011	2012	2013	2013 shares
Accident	345 703	399 334	394 373	377 629	463 270	3.6%
Health	914 721	1 138 012	1 189 372	1 237 032	1 295 980	10.2%
Motor	3 125 447	3 778 706	4 024 412	4 705 528	5 457 393	43%
Marine	250 877	283 020	294 077	294 251	304 815	2.4%
Aviation	67 501	65 230	85 816	71 708	58 434	0.5%
Fire and other property damage	1 819 833	1 984 074	2 251 370	2 438 130	2 889 150	22.7%
General third party liability	162 345	218 518	229 871	233 346	266 353	2.1%
Assistance and credit	17 912	21 346	31 979	43 219	59 801	0.5%
Other risks	65 982	85 326	114 682	107 370	124 829	1%
Total non life	6 770	7 973 566	8 615 952	9 508 213	10 920 025	86%
Life	1 168 006	1 455 418	1 598 075	1 505 672	1 779 777	14%
Grand total	7 938 329	9 428 984	10 214 027	11 013 885	12 699 802	100%

in thousands USD

	2009	2010	2011	2012	2013
Accident	152 478	132 488	108 456	82 139	126 594
Health	-75 586	-22 926	9 842	93 141	59 036
Motor	-310 548	-378 143	- 308 856	- 645 194	116 490
Marine	74 109	89 726	75 038	82 173	44 321
Aviation	-504	-3 817	171	2 293	- 11 575
Fire and other property damage	169 202	163 983	118 311	118 590	183 160
General third party liability	45 983	-12 199	13 076	- 77 585	- 75 008
Assistance and credit	-1 229	3 970	- 2 353	-5 640	- 9 566
Other risks	16 373	23 726	21 949	35 143	27 487
Total non life	70 278	-3 192	35 634	- 314 940	460 939
Life	69 995	96 409	117 937	137 010	224 534
Pension	7 141	37 642	185	6 848	- 91 628
Grand total	147 414	130 859	153 756	- 171 082	593 845

in thousands USD

	2009	2010	2011	2012	2013	2013 shares	2012/2013 evolution
Axa	825 578	1 013 327	1 188 577	1 325 394	1 660 858	13.1%	25.3%
Anadolu	803 784	947 871	1 146 024	1 241 182	1 441 395	11.3%	16.1%
Allianz	601 600	664 487	671 779	802 527	1 018 115	8%	26.9%
Ak	550 197	591 419	676 358	728 353	800 001	6.3%	9.8%
Mapfre Genel	233 452	274 786	331 887	492 437	709 184	5.6%	44%
Yapi Kredi	392 996	505 935	578 993	681 724	658 870	5.2%	-3.4%
Gunes	469 981	492 046	487 868	512 360	564 420	4.4%	10.2%
Groupama	381 481	463 022	486 862	459 231	511 491	4%	11.4%
Ziraat Hayat ve Emeklilik	-	401 561	482 004	327 910	421 885	3.3%	28.7%
Eureko	348 526	412 660	421 880	380 691	413 636	3.3%	8.7%
Ziraat	-	115 171	189 482	210 383	297 553	2.4%	41.4%
Ergo	436 791	462 873	416 484	379 516	295 674	2.3%	-22.1%
Sompo Japan	-	-	196 171	250 477	291 356	2.3%	16.3%
HDI	113 312	149 227	171 317	221 365	249 664	2%	12.8%
Halk	-	103 892	122 868	219 489	246 565	1.9%	12.3%
Anadolu Hayat Emeklilik	323 231	238 633	207 319	204 380	207 064	1.6%	1.3%
Zurich	139 691	154 298	188 224	189 930	201 475	1.6%	6.1%
Ray	164 073	168 409	150 513	169 073	185 723	1.5%	9.8%
Acibadem Saglik ve Hayat	82 094	90 222	105 207	131 756	161 464	1.3%	22.5%
Garanti Emeklilik	117 060	156 255	143 091	145 997	156 269	1.2%	7%
Total top 20 companies	5 983 849	7 406 096	8 362 912	9 074 177	10 492 664	82.6%	15.6%
Rest of the market⁽¹⁾	1 954 480	2 022 888	1 851 115	1 939 708	2 207 138	17.4%	13.8%
Grand total	7 938 329	9 428 984	10 214 027	11 013 885	12 699 802	100%	15.3%

¹ 46 companies

Exchange rate TRY/USD as at 31/12	2009	2010	2011	2012	2013
Exchange rate TRY/USD as at 31/12	0.6464	0.6673	0.5950	0.5554	0.5242

Sources: Insurance Association of Turkey (TSB), Sigma

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Wed, 18/02/2015 - 16:03

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