STATISTICS: Turkish market compressed by more than EUR 3 bn in 2021 vs. 2019

1 February 2022 —
STATISTICS: Turkish market compressed by more than EUR 3 bn in 2021 vs. 2019

Total premium generated in the Turkish insurance market increased in local currency by 27.53% to TRY 105.30 billion in 2021, as compared to 2020, according to the preliminary figures released by the Insurance Association of Turkey (TSB). 

In European currency, due to depreciation on Turkish Lira against EUR, the local insurance market decreased by ~23% y-o-y or by EUR 2 billion to ~EUR 7 billion vs. EUR 9.04 billion in 2020 or by EUR 3.4 bn vs. EUR 10.37 billion in 2019.

Analyzing the Turkish insurance market figures in local currency, 2021 non-life insurance premiums grew by 28.52% in nominal terms to TRY 87.58 billion. Life insurance premiums increased by 22.83% y-o-y to TRY 17.72 billion.

In non-life insurance sector in 2021, the two branches with the highest premium production were compulsory MTPL that grew by 13.77% year on year to TRY 23.30 billion, and voluntary MoD - GWP TRY 14.29 billion, up by 33.10% y-o-y.

Of the 61 active members of TSB, the company which generated the largest premium volume was the non-life state-owned Turkiye Sigorta with a 11.16% market - GWP of TRY 11.75 billion, followed by Anadolu Sigorta (market share of 10.19%) and Allianz Sigorta (9.36%). Turkiye Hayat ve Emeklilik - the life insurance arm of the Turkish State - ranked 7th with GWP of TRY 3.95 billion (3.75%).

Turkiye Sigorta General Manager, Atilla Benli, commenting on the premium income, said, "We are making a fast start to 2022 with our strong premium production in 2021", wrote Middle East Insurance Review here.

Launched on September 7 2020, Turkey In Sigorta surance brings six state-run insurance and pension companies under a single roof. The Turkey Wealth Fund (TWF) acquired, for a total consideration of TRY 6.54 billion, all shares of partially state-owned insurance companies - HALK Sigorta, GUNES Sigorta, ZIRAAT Sigorta, HALK Hayat ve Emeklilik, ZIRAAT Hayat ve Emeklilik and VAKIF Emeklilik ve Hayat - to consolidate them under a single roof. The creation of biggest insurance & pensions company in the country was a project of the Treasury and Finance Ministry in order to raise the country's domestic savings rate and grow the non-banking financial services sector.

Access and download the FY2021 Turkish insurance market statistics.