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.

In European currency, due to the depreciation of TRY from 1 EUR = 17.4014 TRY (June 30th, 2022) to 1 EUR = 28.2048 TRY (June 30th, 2023) the GWP y-o-y growth rate was 42.7% y-o-y.

Non-life premiums increased by 139% on the year to TRY 185.7 billion (88.3% of total GWP), while Life premiums increased by 85.8% y-o-y to TRY 24.6 billion.

During the first six months of the year, there were active 68 insurers according to the statistics presented by the Insurance Association of Turkey. The largest insurers in the country in terms of GWP were Turkiye Sigorta (11.6% market share), followed by Allianz Sigorta (9.8%) and Anadolu Anonim Turk Sigorta Sirketi (8.7%).

Access xprimm.com and download the H1 2023 Turkish insurance market statistics.