Insurance ratio below emerging economies

ISTANBUL- Hürriyet Daily News

Turkey’s total insurance premiums ratio in the country’s gross domestic product still remains below developed and emerging nations, said the head of a sector association yesterday.

“Turkey’s insurance premium ratio is still at 1.3 percent of the GDP,” said Mustafa Su, chairman of the Insurance and Reinsurance Companies of Turkey, at an Insurance Sector Strategy meeting in Istanbul.
He said the world average of insurance premiums volume was nearly 6.9 percent and the average of emerging nations was nearly at 2.9 percent.

While insurance premium volume per capita has reached an average of $3,527 in developed countries last year, Turkey’s total premium volume per capita stood at only $128.

Underwriting loss of the sector was nearly $953 million in 2010 and had reached $398 million in the first six months of last year.