Total premium generated in the Türkiye insurance market increased in local currency by almost 81% during the first half of 2024 to TRY 380.4 billion (EUR 10.8 billion), according to the figures released by the Insurance Association of Turkey (TSB).

In European currency, as a result of the devaluation of the Turkish lira in relation to the euro, the overall market growth rate was +44.8%, which is also a very high growth rate.

H1 2024 non-life insurance premiums grew by 81.3% in nominal terms to TRY 337 billion or EUR 9.58 billion. Life insurance premiums increased by almost 76% y-o-y to TRY 43.3 billion (~EUR 1.23 billion).

Of the 68 active members of TSB, the company which generated the largest premium volume was the non-life state-owned Turkiye Sigorta with a 13.25% market share - GWP of TRY 50.4 billion, followed by Allianz Sigorta (market share of 9.98%) and Anadolu Anonim Turk Sigorta Sirketi (8.29%).

Access xprimm.com and download the H1 2024 Turkish insurance market statistics.