Turkiye

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Location map
author: OCHA/ ReliefWeb


Location:
- Southeastern Europe and Southwestern Asia (the West of the Bosporus portion is geographically part of Europe), bordering the Black Sea, the Aegean Sea and the Mediterranean Sea;
- Neighbours: Cyprus, Greece, Bulgaria, Georgia, Armenia, Azerbaijan, Iran, Iraq, Syria.

Climate:
- temperate;
- hot, dry summers with mild, wet winters;
- harsher in interior.

Natural hazards:
- severe earthquakes, especially in northern Turkey, along an arc extending from the Sea of Marmara to Lake Van.

Macro indicators
* 2018 estimates
Surface:783,356 km2
Population*:82.0million
Pop. density*:104.6people/km2
GDP*:611.4EUR billion
GDP/capita*:7,456.1EUR

European Union:
Candidate

Currency: Lira
Code: TRY
Since: 2005


Insurance market portfolio
* 2018 estimates
TOTAL LIFE*:13%
TOTAL NON-LIFE*:87%
Overall Property*:22%
Overall Motor*:43%

Sources:



 


Statistics

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Turkey FY2023 Market Portfolio

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Turkey FY2023 Rankings


See all statistics

Latest news


IIFC Day 1 - The insurance industry and its professionals have an instrumental role and facing the new and evolving risk landscape

Welcoming the professionals gathered at the International Insurance Fair and Congress’ second edition, İbrahim Temiz, Chairman of the Board of Directors for the organizing body, underscored the fair's pivotal role as a significant platform for all industry stakeholders. To illustrate the accuracy of this statement, the inaugural addresses delivered by Hakan Ülgen, President of the TOBB Aydın Chamber of Commerce, and Davut Menteş, the newly appointed President and ex Deputy Chairman of SEDDK (the Insurance and Private Pension Regulation and Supervision Agency) addressed the role of the market bodies in the insurance market’s development and pledged continued collaboration with all stakeholders and a commitment to contribute sensibly to the sector and the nation.

Türkiye: New President and Board Members appointed at the supervising authority, SEDDK

Following the resignation of the former SEDDK President, Mehmet Akif Eroğlu, appointments were made to the chairmanship and membership of the Insurance and Private Pension Regulation and Supervision Board, effective as of today, when they were published in the Official Gazette with the signature of President Recep Tayyip Erdoğan.  

International Insurance Fair and Congress – first day recap

Today started in Antalya the second edition of the International Insurance Fair and Congress, an event aiming to bring together the professionals of the sector, increasing their cooperation and increasing the insurance penetration rate (insurance rate) in the society. XPRIMM supports the event as Media Partner.

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.

STATISTICS: Turkiye insurers’ business more than doubled in H1 2023

The GWP of Turkish-based insurers increased by more than two times (+131.3%) on the year in the first six months of 2023, reaching TRY 210.3 billion (EUR 7.5 billion) vs. TRY 90.9 billion (EUR 5.2 billion), data of the Insurance Association of Turkey showed.





TÜRKIYE: Insured losses after both earthquakes will exceed USD 1 billion, Verisk says

According to Extreme Event Solutions at Verisk (formerly AIR Worldwide), economic losses for the February 6, 2023, earthquakes in Türkiye will likely exceed USD 20 billion, and industry insured losses will likely exceed USD 1 billion. These estimates are based on impacts of both M7+ earthquakes that occurred on that day. Results from Verisk indicate the initial shock is the driver of most of the insured losses.






Allianz commits 6 million euros to earthquake relief and recovery

Allianz Group announced that it would make available six million euros to support relief and recovery efforts following the earthquakes in Türkiye and Syria, including up to one million euros to match the donations of its employees and tied agents.