Page 19 - TurkInsurance Digital Magazine

17

Turkish insurance market

reports a technical profit of 998

million USD for 2017

Having left behind a tough year both due to regulatory amendments and catastrophic
flood and hail events, Turkish insurance and pension markets reported a total technical
profit of 599 million USD in the non-life segment. Technical profitability of life segment
stood at 347 million USD, compared to 61 million USD in the pension segment.

Insurance Association of Turkey (TSB) has announced the 2017 In 2017, the market paid a net amount of 4.7 bil-
consolidated balance sheet and income statements of Turkish lion USD for claims
insurance market, which makes significant contributions to the
national economy and increases social welfare by providing cov-
erage for many risks of individuals. The market has increased its Net amount of claims paid-off in the non-life segment reached
technical profitability by 24 percent compared to the previous 4.1 million USD, compared to 630 million USD in life segment.
year; while life segment’s technical profit grew by 48 percent. Therefore, total net amount of claims stood at 4.7 billion USD at
the end of 2017; compared to the approximately 4 billion USD
The market had reported technical loss in three branches during last year. Written premiums which make great contribution to
2016; and in 2017 this number increased up to 5. This resulted the technical profit reached 7.8 billion USD in non-life segment
in the escalation of total loss by 87 percent compared to 2016, and 1.8 billion USD in life segment.
up to 251 million USD. Loss in traffic insurance made a huge
impact in the total market loss. In 2016, technical profit stood at 518 million USD in non-life
segment and 252 million USD in life segment. Moreover, the

Technical profit and loss rates in non-life branches by years

700 10,00%

600 8,60%
8,00% 8,00%
500 7,00% 599
6,00%
400
4,22% 518
300 464 4,00%
411
200 2,00%

100
-143 0,00%
0
-2,00%
-100 -2,42%

-200 -4,00%

Non-life technical profit (million USD) Technical Profit/Loss Rate