Page 16 - Turkinsurance Digital Magazine

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Technical profitability and proft/loss ratios in life segment by years

250.000.000 25,0%

21,8%
200.000.000 19,6% 20,2% 20,0%
17,5% 18,0%
150.000.000 15,0%

100.000.000 10,0%

70.028.656 89.146.010 114.009.165 177.532.032 208.526.283
50.000.000 5,0%

0 0,0%
2014 Q3 2015 Q3 2016 Q3 2017 Q3 2018 Q3
Technical profit of life segment ($) Profit/loss ratio (%)
Reference: Insurance Association of Turkey

As to the distribution of paid compensations by insurance lines, land Loss in traffic insurance reached 13 million 721
vehicles liability took the lead with 893.6 million USD, followed by thousand USD
illness and health with 694 million USD. Fire and natural forces
ranked third with 136.9 million USD, and general losses ranked
fifth with 75.1 million USD. Other insurance lines were listed as As to the technical profitability of traffic insurance as the locomo-
follows: engineering with 54.2 million USD, general losses with tive insurance line, a loss of 13 million 721 thousand USD was re-
21.6 million USD, accident with 20.2 million USD, marine with ported for the third quarter of 2018. It was a clear result of precau-
15.6 million USD, ships hull and machinery with 8 million USD, tions following the technical loss of 43 million 191 thousand USD
credit insurance with 3,03 million USD, agricultural insurance with at the third quarter of 2017. Premiums written in traffic insurance
8.03 million USD, financial losses with 2.3 million USD, aviation by 2018 Q3 exceeded 1.3 billion USD, whereas paid claims stood at
with 1.5 million USD, bond insurance with 1.05 million USD, legal 877.4 million USD. Moreover, 26 percent increase in the minimum
protection with 106.1 thousand USD, aviation liability with 66.2 wage at the last week of 2018 is also expected to make an impact
thousand USD and ships liability with 9.7 thousand USD. on the calculations of traffic insurance.

Claims paid increased by 17.9 percent Technical profit in motor own damage reached 39 million 572
thousand USD, as the written premiums in this line stood at 950.6
million USD and claims paid stood at 694.6 million USD. This
At the end of the third quarter of 2018, claims paid by Turkish line’s profit was 46 million 183 thousand USD in the same period
insurance market increased by 17.9 percent over the same period of 2017.
of previous year. Technical profit of non-life segment stood at 302
million 582 thousand USD at the third quarter of 2017, compared Technical profit of state-supported agricultural insurance reached
to 173 million 537 thousand USD in life segment. As to the claims 14 million 820 thousand USD, while profit in engineering line
paid, Turkish insurance market paid 2 billion 37 million USD in reached 16 million 319 thousand USD. Premiums written in agri-
non-life segment and 322 million 815 thousand USD in life seg- cultural insurance exceeded 25 million USD, while claims paid in
ment as of the third quarter of 2017. this line went over 8 million USD. Premiums of engineering insur-
ance increased up to 97 million 947 thousand USD and claims paid

Technical profit and loss in selected insurane lines by years ($)

Accident Land Vehicles General Losses Land Vehicles Liability Marine Fire and Natural Forces Illness/Health Legal Protection Financial Losses Aviation Liability Bond Insurance Credit General Liability
2016 Q3 64.843.935 61.188.072 34.804.217 -11.959.850 22.730.470 1.775.621 21.550.827 8.157.354 4.452.709 491.418 -1.233.331 -9.400.901 13.943.118
2017 Q3 99.355.860 47.108.536 44.286.480 -22.838.645 26.862.866 40.056.824 56.198.657 21.179.172 5.695.996 -232.866 425.004 49.388 -7.513.060
2018 Q3 137.048.302 40.365.080 57.459.828 33.472.656 43.991.448 99.522.004 107.512.757 24.707.795 10.039.889 -90.858 2.632.790 -2.815.684 5.059.352