At the end of the first quarter of 2017, premium volume of Turkish insurance market reached 3 billion 403 million USD. During the first quarter, liability insurance continued to dominate the market with a share of 27.2 percent among overall premiums; while life insurance stood out with a higher volume of premiums.

According to the statistics announced by the Insurance Association of Turkey (T.S.B) as of the end of March 2017, total premium volume of Turkish insurance market stood at 3 billion 403 million USD. At the end of the first quarter, non-life insurance premiums totaled 2 billion 949 million USD, while life insurance premiums reached 454 million USD. Although growth in traffic insurance premiums remained slow as in previous quarters, the growth of life insurance premiums was remarkable. (Total insurance premiums increased by 15.7 percent over the same period of previous year, whereas life insurance premiums grew by 50 percent in TL based results.)

During the first quarter, liability insurance continued to dominate the insurance market with a share of 27.2 percent of all market premiums. Share of general losses line stood at 14.7 percent; followed by life insurance with a share of 13.4 percent, vehicle insurance with a share of 13.3 percent, and health insurance with a share of 13.1 percent.

At the end of the first quarter of 2017, growth was highest in life insurance premiums. Accident line followed as second fastest growing line. Fire and Natural Forces, health, marine, vehicle insurance and liability insurance lines were listed respectively.

“Allianz Sigorta closed the quarter as market leader with premiums standing at 389 million 689 thousand USD and a market share of 11.45 percent” 

Allianz Sigorta closed the first quarter of 2017 as the market leader in terms of total premium volume (including life and non-life premiums) with a market share of 11.45 percent. Premium volume of the company stood at 389 million 689 thousand USD. Anadolu Sigorta ranked second with 307 million 673 thousand USD and a market share of 9.04 percent. Axa Sigorta followed as third with a market share of 6.69 percent and a premium volume of 227 million 716 thousand USD. Mapfre Sigorta’s premiums stood at 212 million 169 thousand USD, making the company fourth largest with a market share of 6.23 percent. Ziraat Sigorta ranked fifth largest company with a premium volume of 193 million 265 thousand and a market share of 5.68 percent. According to these results, top 3 companies in written premium own 27.18 percent of the market, while the top five dominate with a total share of 39.09 percent.

In the first quarter, top 5 companies of the non-life segment in terms of premium volume were Allianz Sigorta, Anadolu Anonim Türk Sigorta Şirketi, AXA Sigorta, Mapfre Sigorta and Ziraat Sigorta, respectively. Top 5 life insurers were listed as Ziraat Hayat ve Emeklilik, Allianz Yaşam ve Emeklilik, Anadolu Hayat Emeklilik, Metlife Emeklilik ve Hayat and Halk Hayat ve Emeklilik, respectively.