Total premiums written in Turkish insurance market reached 6 billion 556 million TL as of the end of second quarter. During this period, liability insurance was still the largest line in terms of Premium volume, with a market share of 27.68 percent; while the highest growth over the same period of previous year was reported in life insurance.

According to the results announced by the Insurance Association of Turkey as of June 2017, total premiums of Turkish insurance market reached 6 billion 556 million USD. In TL-based results, premium volume grew by 11.98 percent over the same period of previous year; wheras USD-based results indicate a reduction of 8.14 percent due to the exchange rate difference of this past year.  (USD/TL; 30.06.2017=3.5285; 30.06.2016=2.8943)

At the end of the second quarter, volume of non-life insurance premiums stood at 5 billion 617 million USD; while life insurance premiums amounted to 939 million USD.

The market was once again dominated by the liability insurance line in terms of written premiums, with a market share of 27.68 percent as of the end of second quarter. Motor insurance types followed as second with a share of 14.28 percent; while life insurance ranked third with a share of 14.31 percent. Fire and natural forces line reached a market share of 12.52 percent, making it the fourth largest line of the market premium-vise; followed by general losses line with a share of 11.85 percent.

At the end of the second quarter of 2017, highest growth in premium volume was reported in life insurance compared with the same period of 2016. Life insurance growth stood at 21.07 percent; followed by fire and natural forces, general losses, accident, health, marine and motor insurance. However, premium volume of liability insurance decreased.

 “Allianz Sigorta closed the second quarter as the market leader with a premium volume of 738 million USD and a market share of 11.26 percent”

Allianz Sigorta closed the as the market leader in terms of overall market premiums (total of life and non-life premiums) with a market share of 11.26 percent and a premium volume of 738 million USD. During this period, Anadolu Anonim Türk Sigorta Şirketi followed as the second largest company of the market with a market share of 10.08 percent and a premium volume of 661 million USD. AXA Sigorta ranked third with written premiums standing at 402 million USD and a market share of 6.14 percent. Mapfre Sigorta was the fourth company in the ranking with a premium volume of 298 million USD and a market share of 6.08 percent, followed by Ak Sigorta with a market share of 4.82 percent and a written premiums standing at 316 million USD. Total premiums written by the top three companies in this ranking accounted for 27.49 percent of overall market premium volume; while top 5 companies produced 38.39 percent of it. 

Allianz Sigorta, Anadolu Anonim Türk Sigorta Şirketi, AXA Sigorta, Mapfre Sigorta and Ak Sigorta dominated the premiums written in the non-life segment during the second quarter; and produced highest amount of premiums in the said order.