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Undersecretary of Treasury issued the Insurance and Individual Pension Industries Annual Report for 2009.
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| According to the report, a gross premium generation of 12,4 billion TL has been realized in the Turkish insurance industry in 2009. 10.6 billion TL of premium generation came from non-life branches while 1.8 billion was in life branch. The share of the nonlife branches in premium generation was 85.35 percent while the share of life came out at 14.65 percent level. The insurance industry of Turkey has realized a high level of real growth in the 2002-2007 period.On the other hand, also depending on the global crisis, 2008 closed with an 8 percent increase in premiumgeneration at a level of 11.8 billion TLwhile the numbers are 5.57 and 12.4 billion TL for 2009 respectively. The growth ratios for premium generation was below the inflation rate for both years and the industry retreated in terms of real production. But this retreat depended on the shrinking non-life branches for both years. The life insurancewhich shrank in the 2005-2007 period due to transfers into individual pension system started to grow again from 2008 onwards and had a larger share of premium generation. But the growth in premium generation of life insurance segment could not compensate the contraction of the non-life segments.In 2009, insurance companies supplied the insured partieswith a total assurance of 24.9 trillion Turkish Lira. The amount of assurance supplied has increased with a rate of 9.97 percent compared to 2008 and corresponded to 26 times of the GDP. Even if it should be considered that a significant portion of this assurance is injury and mortality assurances under Compulsory MotorVehicles Financial Responsibility (Traffic) insurance, it is clearly observed that the remaining part is strong being approximately 15 times the GDP. These numbers indicated the importance of the insurance industry for Turkey although it has not taken the desired share within the financial markets. Sorting the finance industry according to assets, insurance and individual pension industries take the second row with a share of 3.19 following the banking industry. The total assets of the industry grew by 19.71 percent in 2009 and reached 33.4 billion TL. But 2009was not a bright year in terms of technical profits. The consolidated technical profit of insurance, reinsurance and individual pension companies retreated to 239.6 million TL in 2009 from 533 million TL in 2008. |
Source :
Hit : 758
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