20 Temmuz 2024, Cumartesi

Decline in consumption will curb the growth in the insurance sector in 2014

semsiyeThe measures taken by Banking Regulation and Supervision Agency (BRSA) and the contemplation of the decline at the growth rate of the economy and the consumption expenditures will also affect the insurance sector negatively in 2014. It is expected that the growth rate in the non-life branch will occur less than 20 percent.
Limitation to the installments from BRSA

It is obvious that the circumstances will be a bit different and hard this year. First of all, the dominant factor that provides the growth rate in the insurance sector, the general growth rate in the Turkish economy, is expected to occur less than 4 percent. Besides, BRSA, as limiting the installments of the expenses by credit cards, now prepares to regulate limiting the amount of the monthly installments to the degree of the salaries of the consumers. It is expected that these measures will have a negative impact over the credit card spending and consumption expenditures which had a positive impact on the growth rate of the economy last year. This new conjuncture will normally have a retarding effect over the insurance sector and the economy.

The prices will not rapidly rise

The second important factor is that the increase in prices affecting positively the growth rate in the non-life sector is not expected this year. As being initiated to free tariff in traffic insurances from the beginning of 2014, a slump is also not being expected compare to 2013. The main reason of that is the continuity of deficiency on the traffic branch. Alp SÜER / SİGORTALI


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