Insurance showed real growth of 36 percent in 2022

According to the Turkish Insurance Association (TSB) information published on Bloomberg HT, the premium production of the insurance branch reached 235 billion liras in 2022 with a growth of 123.2 percent compared to the previous year. At the end of 12 months after the division is adjusted for inflation…

The Insurance Association of Turkey (TSB) published the 12-month premium production results for 2022.

According to the information compiled by TSB from its member companies published in Bloomberg HT, the premium production of the insurance department at the end of December reached 235 billion TL with a growth of 123.2 percent compared to the same period of the previous year. The real growth of the division at the end of 12 months after adjusting for inflation was 36 percent.

Looking at the data, the branches of health insurance, motor insurance, compulsory traffic insurance, fire and natural disasters and general losses became the branches that attracted attention with their production at the end of 12 months.

In the compulsory traffic insurance, which was the most talked about during the year, premium production was 50.6 billion TL, with an increase of 147.1 percent compared to 2021 at the end of 12 months. The branch in question experienced a real growth of 50.4%.

The growth in automobile insurance also drew attention. At the end of 12 months, there was a 211.5 percent increase in production in this branch compared to 2021. In real terms, premium production amounted to TL 44.5 billion with a growth of 90 percent.
In this middle, TSB also shared its information at the end of 12 months in subsidiary insurance. According to the data compiled from member companies, with the prestige of the end of December 2022, the total premium production in participation insurance exceeded 12 billion TL with an increase of 120.4 percent compared to 2021.

Looking at non-life companies, Türkiye Sigorta maintained its leadership in 2022 with a production exceeding TL 25 billion. Anadolu Sigorta ranked second with a production of TL 23.7 billion, while Allianz was third with TL 22.3 billion. In Life Turkey Hayat ve Emeklilik maintained its leadership with 6.8 billion liras. Agesa was second with 3.6 billion liras and Anadolu Hayat Emeklilik was third with 3.5 billion liras.
According to TSB data, 204.1 billion TL of production came from non-life, while the growth of the said side was 133.1 percent compared to the same month of the previous year. After adjusting for inflation, real growth approached 42 percent. On the life side, 30.9 billion TL premium production was realized in 12 months, while the growth here was recorded as 74.1% compared to the same period of the previous year. In real terms, a 6% growth was observed.

In the health insurance, where the interest was heavy with the pandemic, premium production was 30.1 billion TL with an increase of 130 percent at the end of 12 months. In complementary health, premium production of 7 billion 810 million TL was realized with an increase of 199 percent. The real growth in complementary health was recorded as 81.7% compared to the same period last year.

Benli: The interest in health insurance has increased

The highlights of the insurance agenda were listed as follows:

Atilla Benli, the Leader of the Insurance Association of Turkey, stated that the work and sacrifices of the insurance department were received with great enthusiasm and underlined that awareness of the defense and coverage provided by the health insurance works in this direction is increasing day by day. Benli said, “Valuable results have been achieved thanks to the trust our citizens have in our department and our works, and their tendency to strengthen the defense shield they have created for themselves and their loved ones against uncertainties.”

Nureddin Nebati, Minister of Treasury and Finance, said, “We are paving the way for the use of equivalent spare parts and reusable modules in the insurance sector.” Thus, equivalent spare cuts and reusable spare cuts can be used in the insurance branch in damage repair.

SEDDK has published a Circular regulating the avoidance of policy in traffic insurance. With the circular, it has been clarified which situations will avoid selling traffic insurance. SEDDK, to companies that do not comply with the rules in the circular; Policy issuance and renewal authority in traffic insurance or in all insurance branches can be suspended indefinitely, not less than 3 days and no more than 30 days.

Yavuz Ölken, AXA Turkey CEO, said, “After our acquisition of Groupama’s Turkey operations, we will naturally expect an improvement in the number of our customers and policies; but we know that we can achieve this goal together with all our employees and agencies. We are confident of the synergy we will create in this bet.”

Anadolu Sigorta, one of the leading companies in the insurance segment, increases its registered capital ceiling from TL 700 million to TL 3.5 billion.

Allianz is the most expensive brand

According to a report by insurance broker Aon, global insured losses from natural disasters are estimated to exceed $130 billion in 2022, mainly due to Hurricane Ian, the second costliest event on record for insurance. The total economic loss was recorded as 313 billion dollars.

Allianz was selected as the 24th most expensive brand in the Brand Finance Global 500 list, which determines the world’s most expensive brands. Increasing its brand value by 20 percent to 46.7 billion euros, Allianz has also become the number one global insurance and wealth management brand in the world.