STATISTICS: Turkiye market ended 2023 with business worth ~EUR 15 billion

14 February 2024 — Andrei VICTOR
STATISTICS: Turkiye market ended 2023 with business worth ~EUR 15 billion

The Turkiye insurance sector grew by 106.7% to TRY 486 billion (EUR 14.9 billion) in 2023, according to data from the Insurance Association of Turkiye (TSB). In European currency, due to the exchange rates differences, the market change was ~26.5% y-o-y.

Premium production in the life sector jumped by ~84% y-o-y to TRY 56.7 billion, while on the non-life side, the GWP more than doubled (+110% y-o-y) to TRY 429.2 billion.

Of the 68 active members of TSB, the company which generated the largest premium volume was the state insurer Turkiye Sigorta (12.3% market share) followed by Allianz Sigorta (market share of 9.6%) and Anadolu Sigorta (9.1%).

Access XPRIMM Database and download the latest Turkiye insurance market statistics.
 

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