In European currency, due to depreciation on Turkish Lira against EUR from 1 EUR = 9.7688 Turkish lira - TRY (March 31st, 2021) to 1 EUR =16.2855 Turkish lira - TRY (March 31st, 2022), the local insurance market increased by only 2.22% y-o-y to ~EUR 2.64 billion.
Analyzing the Turkish insurance market figures in local currency, Q1 2022 non-life insurance premiums grew by 74.17% in nominal terms to TRY 37.30 billion. Life insurance premiums increased by 49.65% y-o-y to TRY 5.79 billion.
Of the 60 active members of TSB, the company which generated the largest premium volume was the non-life state-owned Turkiye Sigorta with a 13.15% market - GWP of TRY 5.66 billion, followed by Anadolu Sigorta (market share of 9.62%) and Allianz Sigorta (9.25%).
Access xprimm.com and download the FY2021 Turkish insurance market statistics.