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 company’s total premium in 1H2024 reached almost the TRY59.52bn chalked up for the whole of 2023, reported Anadolu Agency citing Mr Taha Cakmak, general manager of Turkiye Sigorta.
With total premium of TRY50.4bn, the insurer broke a new record in the sector in the first half. In particular, in the first six months of this year, Turkiye Sigorta broke records in premium production in corporate branches such as aviation, transportation, and fire, as well as individual product lines such as health and motor insurance.
For perspective, the monthly inflation rate in the country ranged from around 65% to 74.8% in the first six months of this year.
Mr Cakmak said that Turkiye Sigorta continued its development of strategic and highly profitable products in the first six months of the year.
He said that the insurer posted a 237% growth in health insurance in the first half of the year compared to 1H2023 and reached a premium production of TRY3.7bn. He added that the company continued to see growth in the fire insurance branch, of which it remains the market leader, and in the motor insurance branch, which has become one of the insurer’s strongest pillars.
He added, “In line with our strategic goals, we will continue our development in both the individual and commercial segments and our sustainable profitable growth by using our extensive and customer-focused sales and service network.”
He said that Turkiye Sigorta has made its agency, broker and direct sales channels more effective and strengthened its bancassurance channel in the first half of the year.