Page 3 - Turkinsurance Digital Magazine

Dear Readers,

For the July issue of Turkinsurance, we have prepared an issue momentum of 35% it reached in 2017 and achieved a premi-
full of news, articles, analyses and researches to shed light on um production of 6.9 billion Turkish Liras in 2018. In 2019,
Turkish insurance and pension markets. the branch, which achieved record growth in recent years,
reached a premium production of 11.358 billion Turkish Li-
According to Marsh’s “Global Insurance Market Index,” global ras, accounting for 16.4% of the total premium production
insurance prices increased by 4% in the first quarter of 2023. of 69.2 billion Turkish Liras. Despite the challenging period
This marks the 22nd consecutive quarter of increases in the brought about by the pandemic, the branch reached a premium
global commercial insurance market, following a 4% increase production of 14.4 billion Turkish Liras with a growth rate of
in the fourth quarter of 2022. 26.87% in 2020. In 2021, life insurance continued its growth
and maintained its success with a premium production of 17.7
Due to the decreases in prices in the financial and professional billion Turkish Liras. In 2022, premium production in the life
insurance sectors, price increases in most regions were at low- insurance branch reached 30.8 billion Turkish Liras.
er rates compared to the previous quarter. The slowing pace
of growth in cyber markets was balanced by the increases in According to the consolidated balance sheet and income state-
property prices. In the UK, there was a 3% composite price ments released by the Insurance Association of Turkey (TSB)
increase (compared to 4% in the fourth quarter of 2022), a for the end of March 2023, the technical profit of the non-life
5% increase in Continental Europe (down from 6%), and a branch in the sector amounted to 3.261 billion Turkish Li-
1% increase in Asia (down from 2%). In the Americas, there ras. In the life insurance branch, the sector recorded a techni-
was a 4% increase (compared to 3% in the fourth quarter of cal profit of 1.643 billion Turkish Liras, while in the pension
2022), a 7% increase in the Pacific (up from 5%), and an branch, it amounted to 252.8 million Turkish Liras. The total
8% increase in Latin America and the Caribbean (up from profitability of the sector was seen as 5.157 billion 804 thou-
7%). sand 62 Turkish Liras.
The life insurance branch, which is known to have significant Hope to meet with the next issue
penetration in the insurance sector and has been mentioned for
years that it needs to develop, could not maintain the growth Your sincerely