The insurer becomes the fifth largest company in the Turkish Non-Life segment
MAPFRE GENEL SIGORTA closed 2013 with income of 1.352 billion Turkish Lira (531.6 million euros) in the Non-Life line, bringing its market share to 6.49 percent.
MAPFRE GENEL SIGORTA’s market share has doubled since 2007, the year in which MAPFRE acquired the company. At that time the company was in 10th position in the Non-Life ranking and today it is the fifth largest Turkish company operating in this line.
MAPFRE GENEL SIGORTA grew revenue in 2013 by 52.6 per cent to 531.6 million euros and the company has registered the highest growth among the top 20 companies in the sector. In the last year, MAPFRE GENEL SIGORTA has jumped two places in the ranking, moving from seventh to fifth in the Non-life insurance market.
The acquisition of GENEL SIGORTA gave MAPFRE access to the insurance market in Turkey, where penetration levels are still far below those registered in most European Union countries, leaving plenty of room for growth.
MAPFRE is strongly committed to the Turkish market, where the Group has more than thirty offices and employs nearly 700 people.