Özdoğan: Rate of comprehensive insurance for new vehicles remained at 4 percent

As we enter 2024, Enuygunsigorta.com General Manager Çiğdem Özdoğan evaluated the 2023 insurance data. Stating that there was a 54 percent increase in the number of comprehensive insurance policies issued through Enuygunsigorta.com in 2023 compared to the previous year, Özdoğan noted that 46 percent of those who purchased comprehensive insurance were in Istanbul, followed by Ankara, Izmir, Bursa, Antalya, and Kocaeli, respectively.

THE NUMBER OF ELECTRIC VEHICLES IS INCREASING, ALBEIT SLOWLY

According to Enuygun data, providing information that 32 percent of the vehicles with comprehensive insurance are in the 1-4 age range and 26 percent are in the 5-8 age range, Özdoğan stated, "The rate of comprehensive insurance for new vehicles remained at 4 percent. 21 percent of the new vehicles with comprehensive insurance are electric vehicles. We see that electric vehicles are starting to be preferred in new vehicle sales."

According to the information provided by Özdoğan, the most insured vehicle brand in 2023 was Volkswagen with an 11 percent share. Renault is in second place, and Fiat is in third.

"Although there is a trend towards visa-free countries in 2023 travel trends, Travel Health Insurance is growing at full speed"

Emphasizing that the countries that stand out in Travel Health Insurance sales are Germany, the Netherlands, Italy, Greece, and France, Çiğdem Özdoğan noted the following:

"50 percent of those who purchased Travel Health Insurance went to these countries. Since Travel Health Insurance is among the documents required for visa procedures, it is very normal for countries requiring visas to be at the top of the list. Since Greece started to offer visa-free travel to the islands, the production of policies for travel to this country slowed down in December. Greece was replaced by Hungary, Dubai where visas can be obtained at the border, and the visa-free countries of Bosnia and Herzegovina and Serbia. The fact that some countries that do not require visas still request travel health insurance also affects policy production."

According to Enuygunsigorta.com data, 50 percent of those who purchase travel health insurance are in the 25-42 age range, and the 25-30 age range accounts for 25 percent of all travelers.

SUPPLEMENTARY HEALTH INSURANCE CONTINUES TO BE A RISING STAR

Özdoğan pointed out that the number of people who purchased individual supplementary health insurance, which can be bought with more economical premiums compared to private health insurance, grew by 12 percent in 2023 compared to the first 10 months of the previous year. Özdoğan emphasized that the growth came from Istanbul, Ankara, and Izmir, as expected. Stating that the major cities are followed by Bursa, Kocaeli, Gaziantep, Mersin, Diyarbakır, Tekirdağ, and Sivas, Özdoğan noted that according to Enuygun data, 40 percent of those who purchased supplementary health insurance consisted of expectant mothers planning a pregnancy.

15-POINT INCREASE IN DASK

With the impact of the February 6 earthquake, there was a shift towards earthquake insurance this year. While the insurance rate in DASK was 43 percent in 2022, this rate became 58 percent in 2023.

While 38 percent of DASK-insured residences across Turkey are in the Marmara region and 18 percent are in the Aegean region, the lowest rate of insured residences is in the Southeastern Anatolia Region with 2 percent.

40 PERCENT PREMIUM INCREASE IN TRAFFIC INSURANCE

The tariff for traffic insurance is managed by the ceiling premiums determined by the Insurance and Private Pension Regulation and Supervision Agency (SEDDK).

In 2023, the average premium increase was around 40 percent. In addition, the increase in traffic insurance coverage limits for 2024 has been announced. Accordingly, the material damage limit provided to the other party, which was 120 thousand, will be 200 thousand TL as of January 1, 2024.