Turkish Finance Minister Lutfi ELVAN mentioned that the Government will take concrete steps to move the insurance and private pension industry forward, according to the Middle East Insurance Review.

"We are working on innovations that will make it attractive for our citizens to save through the private pension system. The Insurance and Private Pension Regulation and Supervision Agency has also started preparations for the development of participation (takaful) insurance", said Lutfi ELVAN quoted by the mentioned publication.

According to the 2019 Annual Report about Insurance and Private Pension Activities issued by Republic of Turkey Insurance and Private Pension Regulation and Supervision Agency, a total of 63 companies operated in the sector: 38 non-life insurers, 5 life insurers, 3 reinsurers and 17 pension companies.

At the end of 2019, total assets of mentioned companies reached TRY 237 billion (EUR 35 billion),total GWP was TRY 68.8 billion (EUR 10.3 billion), while the total net profit generated by the market was TRY 7.89 billion (EUR 1.1 billion).