11-month premium production exceeded TL 400 billion

In the first 11 months of 2023, the insurance industry generated TL 415.6 billion in premiums, representing a 112.6% increase compared to the same period of the previous year. According to the data released by the Insurance Association of Turkey, TL 365.3 billion of the total production was generated from non-life insurance and TL 50.2 billion from life insurance. Non-life and life insurances grew by 116.7% and 87.1%, respectively.

In the first 11 months of 2023, the insurance industry generated TL 415.6 billion in premiums, representing a 112.6% increase compared to the same period of the previous year. According to the data released by the Insurance Association of Turkey, TL 365.3 billion of the total production was generated from non-life insurance and TL 50.2 billion from life insurance. Non-life and life insurances grew by 116.7% and 87.1%, respectively.

Taking inflation into account, the sector recorded a real growth of 31.3% in total. Non-life and life insurances grew by 33% and 15.5%, respectively, in real terms, according to inflation.

Traffic insurance continued to lead the sector, with companies generating TL 103.2 billion in January-November period, representing 112.55% growth compared to the previous year. In the motor insurance branch, TL 72.8 billion in premiums were generated, with a growth rate of 95.08%.

Analysed on a branch basis, accident insurance was the branch with the highest growth. Companies generated TL 9.7 billion in premiums in this branch and achieved a 152.56% increase compared to the same period of the previous year.

In fire and catastrophe insurance, companies generated TL 53.8 billion in premiums and achieved a growth of 141.76% compared to the same period of the previous year. In health insurance, companies generated TL 58.3 billion in premiums in the 11-month period, registering a growth of 141.47%.

At the end of November, total premium production in participation insurance reached TL 20 billion 734.9 million, up 109.2% year-on-year.

27 Ara 2023 - 14:44 - English

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