Technical and financial results of Turkish insurance market for the second quarter of 2018 was announced according to the data compiled from member companies by the Insurance Association of Turkey. At the end of the second quarter of 2018, the amount of compensations paid by the market reached 15.6 billion TL, increasing from 13.3 billion TL by 17.1 percent over the same period of last year. Number of policies increased by 11 percent and reached 37.5 million, compared to 33.8 million policies last year.
At the end of the second quarter of 2018, insurance market maintained its growth during the first six months of the year, in parallel with the national economy which grew by 5.2 percent over the same period of last year. In this respect, total premium production in life insurance grew by 16.3 percent, reaching 3.8 billion TL. Non-life insurance segment has reached a premium production of 22.8 billion TL, growing by 15.2 percent – excluding the indirect premiums from the risky insurance pool which cause duplicity. Thus, total premium production increased up to 26.6 billion TL, by 15.4 percent over the same period of last year. The fact that credit volume became stagnant restricted the growth in life insurance. Before, growth in credit volume was the main driving force of high growth rates in life insurance.
Share of 7 companies operating in the participation insurance segment stood at 3.4 percent, reaching 940 million TL in size.
Total asset size of insurance, reinsurance and pension companies reached 164.8 billion, up by 19.4 percent over the same period of last year; while total amount of shareholders’ equity reached 21.2 billion TL.
As of 5 October 2018, number of participants in the Individual Pension System reached 7 million, and fund size reached 85.9 billion TL (including state subsidy funds). 5 million of participants who joined the system via auto-enrollment which was launched in 2017 have continued their contracts, bringing the size of auto-enrollment funds up to 3.9 billion TL.