June 2011 results has been declared by Association of Turkish Insurance and Reinsurance Companies (TSRSB).
It shows some indications about the trend of Turkish Insurance Sector.
–Total (Life and GI) GWP reached to 8.912.645.849 TL, showing 24.45% growth. When it is compared with existing inflation rate (btw 6%-8%) there is steadily reel growth.
-Even though 2010 H1, Life GWP/Total Market (Life&GI) GWP was 15.58%, in 2011 H1 that rate increased to 17.31%. Because of 39.54% growth of the Life Companies GWP.
-Market Leader’s market share of GI Companies increased from 12.09% to 12.75%.
-Market Leader’s market share of Life Companies increased from 28.29% to 36.26%.
–Second 10 companies’ growth is higher than the first 10 companies’ growth in GI business, it may be monitored just opposite for Life Companies.
-When we look at the LoB distribution of GI business:
Two main lines of Turkish GI markets, Fire (property)&Marine lines share are shrinking; while Engineering line called General Losses share is increasing from 8.91% to 11.27%.
-That is interesting to see that within the same market, MTPL GWP growth realized 14.68%, while Motor Own Damage GWP growth realized 23.53%
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