The Turkish insurance sector grew by 72.5% to TRY 838.5 billion (EUR 22.78 billion) in 2024, according to data from the Insurance Association of Türkiye (TSB). In European currency, due to the exchange rates differences, the market change was ~53% y-o-y.

Premium production in the life sector jumped by ~76.22% y-o-y to TRY 99.9 billion, while on the non-life side, the GWP increased by 72.5% y-o-y to TRY 738.6 billion.

With an almost doubling business volume, health insurance incread its share in the market portfolio by about 1.5 percentage points. Other than this, the portfolio structure remain almost unchanged.

Of the 70 active members of TSB, the company which generated the largest premium volume was the state insurer Türkiye Sigorta (12.09% market share) followed by Allianz Sigorta (market share of 9.82%) and Anadolu Anonim Türk Sigorta (8.3%).

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