The insurance sector grew 6.4 percent in the first 11 months of 2014 compared to the same period last year. According to data released by the Insurance Association of Turkey on Wednesday, the insurance sector's premium production rose to TL 22.9 billion ($9.7 billion) in the period from TL 21.5 billion in the same period a year earlier. Although the Turkish economy's growth rate stood at 2.8 percent in the first nine months, the insurance sector showed a major increase.
Nearly TL 20 billion of premium production was related to types of insurance other than life insurance, such as traffic, house and workplace coverage and TL 3 billion was bought in life insurance. Insurance companies' growth was reflected in their profitability. The sector's profits reached over TL 1.07 billion from TL 978 million with a 9.5 percent increase in the first nine months of 2014. Many foreign investors are in Turkey's lucrative insurance market given its emerging economy and large population of over 76 million people.
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