Insurance companies pay 29.1 billion TL compensation in Q3 2019

 
 

Association of Turkey released a statement about the results of Turkish insurance market for the third quarter of 2019.


The statement said:
Technical and financial results have become clear according to the data gathered from the member companies of the Insurance Association of Turkey.


Insurance and pension market has continued to provide assurance for the economy and our citizens. In parallel, amount of compensations paid by the insurance market grew by 12.6 percent over the same period of last year, reaching 29.1 billion TL.


Overall premium production of our market increased by 22.4 percent, with a real growth rate of 12.1 percent. According to these results, premium production of non-life segment reached 41 billion TL, and life insurance reached 7.4 billion TL; bringing the overall market premium volume up to 48.4 billion TL.


Takaful, which enables citizens who do not prefer to benefit from interest-bearing products, has displayed a rapid growth trend in recent years. Total share of 12 takaful companies in overall market premiums reached 5.1 percent and up to 2.5 billion TL.

 

Total asset size of our insurance, reinsurance and pension companies grew by 23.2 percent in nominal terms, reaching 215.6 billion TL; while total size of their equities reached 27.5 billion TL.


As of 8 November 2019, total number of participants in Individual Pension System (BES) reached 6.8 billion, while the fund size grew to 111.9 billion TL including the state subsidy funds. Total fund size of 5.4 million participants who joined the system via Auto Enrollment System, which was launched in 2017, reached 7.7 billion TL.

 

 

 
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