The Ground Continues to Move in Turkish Insurance Market

 

The results for January 2012 have been announced by the Association.

The Premium Production figures of the Insurance Market have grown by 14.68% in Non-Life and 8.43% in Life Insurance respectively.

When we look at the fastest growing lines of business;

-In Fidelity Guarantee, there is a growth of 1016%, especially due to the extraordinary growth in the production of a company (Chartis).

-While Marine growth was 37.72%, the General Damages LoB which also contains Engineering shrank by 4.21%.

The total share of Motor Third Party Liability, Motor Own Damage and Health LoB’s combined increased to 64% in January 2012 from 62% in January 2011.

The interesting facts about the company rankings are;

Ranking

-Anadolu Sigorta is the market leader with a 30.43% premium growth. The market share increased by 1.57% to 12.96%.

-A company (Mapfre Genel) which was in the second 10, moved to the top 10 at 5th rank, including the effect of transferring its health portfolio to its non-life company which was under the life company in the past.

-A company (Ergo) which was in the top 10 previously moved down to 11.

-Acibadem Saglik ve Hayat, which was at rank 9 with 4.38% market share at the end of January last year, reached a market share of 6.39% and moved up to rank 6 (Note: the market share of the company at the end of 2011 was 1.19%, and the rank was 19).

Even though January is far too early to reach a general conclusion, it still looks like the ground continues to move in the Insurance Industry.

 

 

 

 

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