Market Size of Property & Casualty Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | < 6.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Turkey Property & Casualty Insurance Market Analysis
- Property & Casualty Insurance Market in Turkey is estimated to grow at a CAGR of approximately 6% during the forecast period.
- Total premiums for the first 10 months of 2019 rose by 24% to TRY 54.4billion (USD 9.5billion), with real growth of 35.5% in the life branch and 11% for non-life. The Turkish insurance market, which is currently worth around USD 25billion, consists of three main segments: non-life, life, and private pensions. The non-life segment is valued at USD 10 billion, making up around 40% of the Turkish insurance market. The performance of the non-life insurance segment is directly linked to overall economic activity in Turkey, which has experienced% annual growth in the past decade, as the economy itself has grown at an impressive rate.
- The Turkish insurance market ended 3Q 2019 with Gross Written Premium worth TRY 48.4 billion, 22.5% up year on year. At the same time, the appreciation of the Turkish Lira against the Euro has influenced the market rates calculated in European currency, translating them in a 38% positive change to EUR 7.8 billion. In non-life insurance, all main subclasses reported notable positive rates, property (15.8%), MoD (20.4%), MTPL (16%), GTPL (24%), accidents (26.5%), health (34%).
- In 2018, the Total assets of Non-Life insurance in Turkey is TRY 60.8 Billion, 20.2% increased from 2017, Net profit increased by 63.2% in 2018 compared to 2017. Non-life branch claims paid in 2017 were TRY 19,210 million, this amount increased by 25.9% in 2018 and reached TRY 24,180 million. In 2018, Non-life total premium production of TRY 47.7 billion and it increased by 20.2% from the previous year, the largest share of total premium production is 29% from Motor vehicle Third party liability Insurance (MTPL).
- There is potential for further growth in non-life insurance, as non-life insurance penetration currently stands at only 1.3% of GDP much lower than the average for OECD countries. Most insurers operating in the segment are foreign-owned or partnered, showing it is a popular area of investment for foreign companies.
