Two-thirds (67%) of respondents in a poll in Turkiye said that they were concerned about loss of income for the short or medium term, according to the findings of BNP Paribas Cardif's "Protect & Project Oneself" survey.
Participation insurance (akin to takaful), which grew by 93.7% in the first half of the year, increased its market share in Turkiye to 5.5% with a premium volume of TRY21.25bn ($633.6m), according to data compiled by the Insurance Association of Turkiye (TSB).
The insured property market loss for the 6 February 2023 Kahramanmaras Earthquake Sequence is TRY116.9bn ($6.2bn at February 2023 exchange rates) at February 2023 exchange rates), says PERILS, the independent Zurich-based organisation providing industry-wide catastrophe insurance data.
Turkiye Sigorta, the leading company in the Turkish non-life insurance sector, is targeting to achieve a market share of 9-10% in its health insurance business by the end of 2024.
With rising interest in supplementary health insurance, the Turkish health insurance market continued to grow. Premiums exceeded TRY63bn in 1H2024, with real growth of 16.8% compared to 1H2023.
Turkiye Sigorta,the leading non-life insurer in Turkiye, and Turkiye Hayat Emeklilik, the country's biggest life insurer, have announced a combined net profit of TRY11.22m ($340m) for the first six months of 2024.
The total premium production of the Turkish insurance companies in the first half of 2024 jumped by 80.8% compared to the corresponding six months in 2023.
MAPFRE Sigorta reported a much improved financial performance in 2023, with a net income of TRY72m ($2.18m) [2022: a loss of TRY401m], noted Fitch Ratings.
Turkiye Sigorta, the leading non-life insurer in Turkiye, saw its total premium grow by 107% to TRY50.4bn ($1.53bn) in the first half of 2024, compared to the corresponding half in 2023.
The profitability of Anadolu Anonim Turk Sigorta Sirketi's (Anadolu Sigorta) improved substantially in 2023, supported by both stronger, albeit still negative, underwriting performance and higher investment income as interest rates rose sharply in 2H23, notes Fitch Ratings.