Location map
author: OCHA/ ReliefWeb

- 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.

- 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
Pop. density*:104.6people/km2
GDP*:611.4EUR billion

European Union:

Currency: Lira
Code: TRY
Since: 2005

Insurance market portfolio
* 2018 estimates
Overall Property*:22%
Overall Motor*:43%



STATISTICS: Turkish market exceeds EUR 8 billion at end-September

According to the quarter figures published by TSB - Association of Insurance and Reinsurance Companies of Turkey - at the end of September 2022 the local insurance market increased by 108% y-o-y reaching TRY 146.9 billion (~EUR 8.1 billion). In European currency, due to the exchange rates differences, the market change was only +18% y-o-y.

34th Milli Re International Insurance Tennis Tournament

Organized by Milli Re, the 34th round of the traditional "International Insurance Tennis Tournament" took place at Miltas-Suadiye Sports Complex of Istanbul, with the participation of 64 competitors comprised of 49 local and 15 foreign market players from 44 companies.

TURKEY: Insurance supervision sets up a mechanism for insuring sea vessels and aircrafts operating the routes to Ukraine and Russia

Because of the war situation between Russia and Ukraine, the Turkish Insurance and Private Pension Regulation and Supervision Agency (SEDDK), will manage the insurance coverage issues of civil cargo and passenger sea vessels and aircrafts operating the routes between these countries and Turkey within the scope of the Special Risks Management Center until the end of 2022.

Turkey: There is a need of a single law for the Turkish insurance industry

The Turkish insurance industry is covered by different pieces of legislation which need to be unified in a single law, Fahri ALTINGOZ, Chairman of the Turkish Insurance Practitioners Association stated. Insurance companies are now waiting for the government to draw up the unified insurance act.