Total premium generated in the Turkiye insurance market increased in local currency by almost 92% during January-March 2024 to TRY 199.26 billion (EUR 5.72 billion), according to the quarterly 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 +14.87%.

Q1 2024 non-life insurance premiums grew by 93% in nominal terms to TRY 177.73 billion or EUR 5.10 billion. Life insurance premiums increased by almost 82% y-o-y to TRY 21.53 billion (~EUR 618.5 million).

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 14.13% market - GWP of TRY 28.16 billion, followed by Allianz Sigorta (market share of 10.08%) and Anadolu Anonim Turk Sigorta Sirketi (8.26%).

Access xprimm.com and download the Q1 2024 Turkish insurance market statistics.