STATISTICS: Turkey, Q1 2022: Insurers' business expanded by 70% in Turkish Lira and by only 2% in Euro due to the local currency's depreciation

25 May 2022 — Andrei Victor
Total premium generated in the Turkish insurance market increased in local currency by 70.41% during January-March 2022 to TRY 43.10 billion, according to the preliminary figures released by the Insurance Association of Turkey (TSB).

In European currency, due to depreciation on Turkish Lira against EUR from 1 EUR = 9.7688 Turkish lira - TRY (March 31st, 2021) to 1 EUR =16.2855 Turkish lira - TRY (March 31st, 2022), the local insurance market increased by only 2.22% y-o-y to ~EUR 2.64 billion.

Analyzing the Turkish insurance market figures in local currency, Q1 2022 non-life insurance premiums grew by 74.17% in nominal terms to TRY 37.30 billion. Life insurance premiums increased by 49.65% y-o-y to TRY 5.79 billion.

Of the 60 active members of TSB, the company which generated the largest premium volume was the non-life state-owned Turkiye Sigorta with a 13.15% market - GWP of TRY 5.66 billion, followed by Anadolu Sigorta (market share of 9.62%) and Allianz Sigorta (9.25%).

Access and download the FY2021 Turkish insurance market statistics.

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