According to the quarter figures published by the Insurance Association of Türkiye - at the end of September 2024 the local insurance market increased by 73.78% y-o-y reaching TRY 570.44 billion (~EUR 14.9 billion). In European currency, due to about 35% depreciation of the Turkish Lira against Euro throughout the last 12 months, the market change was +32.16% y-o-y.

Premium production in the life sector jumped by 75% y-o-y to TRY 69.27 billion (33.22%, EUR 1.8 billion), while on the non-life side, the GWP went up by 73.6% to TRY 501.16 billion (32%, EUR 13.1 billion). While still impressively high, the market growth pace has slowed down a little.

Of the 69 active members of TSB, the company which generated the largest premium volume was the state insurer Türkiye Sigorta (12.72% market share, more by ~1 percentage point y-o-y) followed by Allianz Sigorta (market share of 9.7%) and Anadolu Sigorta (8.16%).

AgeSA Hayat ve Emeklilik (14.56% market share), Türkiye Hayat ve Emeklilik (13.1%) and Viennalife Emeklilik ve Hayat (12.8%) are the Top 3 life insurers. On the non-life side, the Top 3 coincides with the overall Top 3: Türkiye Sigorta (14.48% market share, more by ~1 percentage point y-o-y) followed by Allianz Sigorta (market share of 11%) and Anadolu Sigorta (9.3%).

Access XPRIMM Database and download the latest Turkiye insurance market statistics.