2014 proves lucrative for Turkey’s insurance sector

Turkey's 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 22.9 billion Turkish lira ($10 billion) from 21.5 billion lira 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 20 billion lira ($8.6 billion) of premium production was related to types of insurance other than life insurance, such as traffic, house and workplace cover; nearly 3 billion ($1.3 billion) lira were bought in life insurance.

Insurance companies' growth was reflected in their profitability. The sector's profits reached over 1.07 billion lira from 978 million lira of the same period of 2013, with a 9.5 percent increase in the first nine months of 2014.