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According to the 2022 “Insurance Industry Overview” report published by
KPMG, with its size exceeding the 400 billion TL limit as of the end of
2021, the Turkish insurance sector maintains its high growth potential in
parallel with the developing dynamics of the country. It is estimated that
the gross premium products in the sector, which managed to increase its
total assets by 38 percent in 2021, will exceed TL 100 billion by 2022.
According to the 2022 “Insurance Industry Overview” insurance sector, which is one of the most important
report in which KPMG evaluates the past years of the areas of our financial sector with its size exceeding the
insurance sector in the world and Turkey and makes limit of 400 billion TL as of the end of 2021, main-
predictions, globally, non-life insurance premiums in- tains the high growth potential in parallel with the de-
creased by 2.8% from $3.40 billion to $ 3.49 billion in veloping dynamics of the country. The sector managed
2020 compared to 2019, but life insurance premiums to increase its total assets by 38 percent in 2021 and
decreased by 3.1% from $2.89 billion to $2.80 billion. achieved a growth of more than 33 percent in 2019
As a result of these changes in non-life and life insur- and 30 percent in 2020.
ance, the premium product of the global insurance sec-
tor followed a stable path in 2020 and remained at the The Turkish insurance industry increased its gross
level of 6.29 billion dollars. This decrease in life insur- premium production by approximately 17 percent in
ance premiums was caused by the decline in household 2021 compared to the previous year. Its total volume
incomes due to the contraction in the labor market due reached 96.3 billion. This amount is expected to ex-
to the economic difficulties created by the COVID-19 ceed 100 billion TL by 2022. Life insurance premi-
pandemic. Although the 2021 year-end values have not ums in the insurance sector, which have an increasing
yet been announced, with the financial support packag- trend in the general total, decreased by 1 percent. After
es put into effect by the countries, it is expected that showing a stable growth of 20 percent in the last 3
economic cuts will decrease, the decline in the labor years, non-life insurance premiums grew by 16 percent
market will end and life insurance premiums will re- this year. While the annual gross premium production
cover. For this reason, the increase in total insurance per capita in OECD countries in 2020 was $3,600, this
premiums in the world in 2022 and 2023 is expected amount was $128 in Turkey. Turkey maintained its
to reach an average of 3.2%. KPMG Turkey Insurance stable course from 2018 to 2020 as well. This outlook
Sector Leader Tuğrul Uzun made a statement on the is expected to turn negative due to the exchange rate
subject and said: “the Turkish insurance sector, which shock and economic problems in 2021.
is one of the most important areas of our financial sec-
tor with its size exceeding the limit of 400 billion TL According to the report, 67 companies currently op-
as of the end of 2021, has high growth potential in erate in Turkey's insurance sector, 42 of which are
parallel with the developing dynamics of the country. non-life, 6 life, 15 life pension, and 4 reinsurance. 8
The sector managed to increase its total assets by 38 new players have joined the industry in the last three
percent in 2021 and achieved a growth of more than years. While an increase was observed in non-life and
33 percent in 2019 and 30 percent in 2020. We expect reinsurance branches, it is striking that life and pension
the growth to continue at the end of 2022.” branches remained stable.
In the premium volume market, Non-life branch profit increased
the US is well ahead by 1743 percent in 2021
Looking at the total premium volume market shares Thanks to the loosening of the importance of COV-
based on countries, it is seen that the USA is far ahead ID-19 in 2021 and the increase in vaccination rates,
in 2020, as it was in 2019, and continues to lead by the profit losses experienced by the insurance sector in
gradually increasing its market share. Global health in- 2020 increased by 220 percent in total, with a reverse
surance is expected to grow by 4.2 percent in 2022 and trend, reaching 5,234 billion TL. In 2020; the non-life
4.1 percent in 2023, after a growth of 3.7 percent in branch profit, which was 87 million TL, increased by
2021, driven by growth in the US economy and stable 1743 percent to 1.604 billion TL in 2021, and the life
developed market demand. While the countries in the branch profit, which was 1.547 billion TL, increased
top 10 constitute 94% of the total market share, in by 135 percent in 2021 and reached 3.630 billion TL.
2020 Turkey ranks 19th with a market share of 0.25
percent. Considering the countries in the top 10 rank- Thus, the insurance sector increased with the growth
ings, the USA is the country that increased its share it showed in 2021, on top of the 215 percent growth
the most with an increase of 1%, while the United it achieved in 2017. 69 percent of the 5.234 billion
Kingdom and France draw attention as the countries TL profit obtained in 2021 was provided from the life
that decreased their share the most with a decrease of branch and 31 percent from the non-life branch. Ac-
approximately 1%. Looking at Turkey in the global in- cording to KPMG's report, the ranking of insurance
surance ranking, it is seen that it maintained its market companies in our country according to the size of as-
share at the same rate in 2019 and 2020. “the Turkish sets was as follows. (Billion TL)