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%




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Turkey 1H2023 Rankings

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Turkey 1H2023 Market Portfolio

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Latest news

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. 

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.