Based on the data compiled from the member companies of the Insurance Association of Turkey, insurance market continued to support our economy and provide assurances for our citizens with total claims payments reaching 21 billion TL, up by 22 percent according to the technical and financial results of the Third Quarter of 2017.
Compared to the same period of previous year, premium volume generated by the insurance market grew by 10.4 percent in non-life segment and 49.2 percent in life segment; average growth reaching 14.9 percent. These results indicate that non-life premium volume increased to 28.4 billion TL, and life insurance premiums to 5 billion TL; with overall market premiums getting up to 33.4 billion TL. Growth of non-life segment remained lower compared to the growth of life segment, driven by the price-cap system imposed on traffic insurance which makes the major contribution to the volume of non-life insurance premiums. On the other hand, growth of life insurance was mostly supported by the expansion of the volume of bank loans.
Total asset size of insurance, reinsurance and pension companies increased by 24 percent and reached 143.8 percent compared to the same period of last year; while the size of the shareholders’ equity amounted to 20 billion TL.
Total net profit of companies for the third quarter stood at 2.7 billion TL. 1.2 billion TL of the total balance sheet profit were generated by non-life companies, and 1.5 billion TL by life and pension companies.
As of 8 December 2017, total number of participants in the Individual Pension System reached 6.9 million people, and fund size including the state-subsidy funds reached 75.9 billion TL. With the Auto Enrollment System initiated this year, 7.9 million employees entered the system as of 6 December 2017; and 3.5 million of them decided to keep their contracts, indicating that the rate of withdrawal was 54 percent. Total funds of employees who decided to remain in the system amounted to 1.6 billion TL according to third quarter results.
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