STATISTICS: Turkiye market posted triple-digit GWP increases in local currency

1 November 2023 — Andrei VICTOR
STATISTICS: Turkiye market posted triple-digit GWP increases in local currency

According to the quarter figures published Insurance Association of Turkiye - at the end of September 2023 the local insurance market increased by 123.41% y-o-y reaching TRY 328.2 billion (~EUR 11.3 billion). In European currency, due to the exchange rates differences between September 30th 2023 and September 30th 2022, the market change was +39.6% y-o-y.

Premium production in the life sector jumped by 92% y-o-y to TRY 39.5 billion (vs. TRY 20.6 billion), while on the non-life side, the GWP more than doubled (+128.5% y-o-y) to TRY 288.6 billion (vs. TRY 126.3 billion.

Of the 69 active members of TSB, the company which generated the largest premium volume was the state insurer Turkiye Sigorta (11.8% market share) followed by Allianz Sigorta (market share of 9.5%) and Anadolu Sigorta (8.7%).

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

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