The Insurance Association of Turkiye (TSB) anticipates that, with adjustments for inflation, the Turkish insurance industry will likely report total GWP of around TRY 1.75 trillion (USD 38.12 billion) this year, according to its President, Mr Ahmet Yasar, Middle East Insurance Review writes.

"In our initial projections, we aimed to close 2026 with a figure around TRY 1.6 trillion”, the TSB President said. This means that the forecast premium income for 2026 is raised by over 9%. In 2025, the total premium volume was TRY 1.2 trillion.

Mr Ahmet Yasar noted that the sector's premium production was slightly below expectations. This year, the sector is trying to offer coverage under more favorable conditions to increase premium volumes.

According to him, the Turkish insurance market needs to reach the level of the economy, which is the 16th largest in the world. “Our target for 2030 is to reach a premium volume of USD 50 billion and a penetration rate of 4.7%, but it's better to say 5% when rounded", Mr Yasar said. He pointed out that when only insurance is considered, the penetration rate is around 1.9%. Mr Yasar noted that pension funds are also included in insurance penetration calculations worldwide. "We are at the peak of recent years. We brought it up to 2.68% in 2025”, he added.