STATISTICS: Turkey insurance industry decreased by EUR 1.33 billion due to the impact of the falling exchange rate

25 February 2021 —
The Turkish insurance industry grew by 19.26% y-o-y in 2020 reporting of TRY 82.57 billion compared to 2019, announced the Turkey Insurance Association (TSB).

In European currency, given the about 27% y-o-y depreciation of the Turkish lira, the GWP dynamic was negative (-12.85% down y-o-y, to EUR 9.04 billion vs. EUR 10.37 billion in 2019).

In comparison with 2019 figures, there were no significant changes in portfolio dominant shares: life insurance accounts for 17.48% of the total GWP (vs. 16.41%), while most of the non-life lines maintained their portfolio weight almost unaltered.

Of the 60 active members of TSB, the company which generated the largest premium volume was the newly created state insurer Turkiye Sigorta AS (10.76% market share) followed by ALLIANZ Sigorta (market share of 9.85%) and ANADOLU Sigorta (9.71%).

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