According to data compiled by the Turkish Insurance Association (TSB), insurance companies in Turkey experienced a 75.1% increase in total premium production during the January-August 2024 period compared to the same timeframe last year.
The total premium production for this period reached 505 billion 308.8 million TL, up from 288 billion 503.7 million TL in the previous year.
Breaking it down, 444 billion 998.7 million TL of the premium production came from non-life insurance, while 60 billion 310.1 million TL was attributed to life insurance. The market shares for non-life insurance stood at 88.1%, while life insurance accounted for 11.9%. In the same period last year, the market shares were 88.0% for non-life and 12.0% for life insurance.
The growth in non-life insurance production was 75.3%, whereas life insurance saw a 74.0% increase.
Real change rates were reported as 15.4% for non-life insurance, 14.5% for life insurance, and a total of 15.3% overall.
By the end of August, the premium production in participation insurance reached 26 billion 976.2 million TL, reflecting an 84.9% increase compared to the same period last year.
