Turkish insurance market
Profile
| Surface area (1): 783 562 Km2 |  |
| Population (2) (2021): 84 775 404 inhabitants | |
| GDP (2) (2021): 819.04 billion USD | |
| GDP per capita (2) (2021): 9661.2 USD | |
| GDP growth rate (2) (2021): 11.4% | |
| Inflation rate (2) (2021): 19.6% |
(1) Source: Population.data
(2) Source: World Bank
(3) Source: Turkish Statistical Institute
Turkish insurance market: features and 2021 structure
| Market stakeholders | Total |
|---|---|
| Non-life insurance companies | 41 |
| Life insurance companies | 5 |
| Reinsurance companies | 4 |
| Pension funds | 15 |
| Total | 65 |
| Market features | |
|---|---|
| Regulatory authority: Ministry of Treasury and Finance | |
| Life and non-life premiums (2021): 9.152 billion USD | |
| Insurance density (2021): 107.95 USD | |
| Penetration rate (2021): 1.12% |
Turkish insurance market: turnover per class of business (2017-2021)
Figures in million USD
| Class of business | 2017 | 2018 | 2019 | 2020 | 2021 | 2021 shares |
|---|---|---|---|---|---|---|
| Motor | 5 276 | 4 482 | 4 727 | 4 234 | 3 281 | 35.85% |
| Fire (1) | 2 667 | 2 311 | 2 408 | 2 515 | 2 189 | 23.92% |
| Health | 1 327 | 1 181 | 1 405 | 1 369 | 1 141 | 12.47% |
| Marine (2) | 302 | 290 | 319 | 346 | 345 | 3.76% |
| Accident | 444 | 342 | 399 | 303 | 210 | 2.30% |
| Other risks (3) | 476 | 421 | 473 | 473 | 473 | 5.17% |
| Non-life total | 10 492 | 9 027 | 9 730 | 9 239 | 7 639 | 83.47% |
| Life total | 1 807 | 1 308 | 1 909 | 1 956 | 1 513 | 16.53% |
| Grand total | 12 300 | 10 335 | 11 639 | 11 196 | 9 152 | 100% |
Read also | Insurance companies in Turkey
Turkish insurance market: net loss ratio 2021 per non-life class of business
Figures in thousands
| Classes of business | Net incurred losses | Net earned premiums | Net loss ratio | ||
|---|---|---|---|---|---|
| TRY | USD | TRY | USD | ||
| Motor | 27 324 299 | 2 383 772 | 26 544 251 | 2 315 720 | 102.94% |
| Fire (1) | 4 659 740 | 406 516 | 6 630 121 | 578 412 | 70.28% |
| Health | 7 774 277 | 678 228 | 10 574 903 | 922 555 | 73.52% |
| Marine (2) | 901 186 | 78 620 | 1 181 350 | 103 061 | 76.28% |
| Accident | 195 443 | 17 050 | 1 824 601 | 159 178 | 10.71% |
| Other risks (3) | 1 235 252 | 107 763 | 1 625 302 | 141 791 | 76.00% |
| Total non-life | 42 090 197 | 3 671 949 | 48 380 528 | 4 220 717 | 87.00% |
Turkish insurance market: management expenses 2021 ratio per non-life class of business
Figures in thousands
| Classes of business | Frais de gestion | Primes émises nettes | Ratio frais de gestion net | ||
|---|---|---|---|---|---|
| TRY | USD | TRY | USD | ||
| Motor | 5 651 285 | 493 018 | 30 132 699 | 2 628 777 | 18.75% |
| Fire (1) | 2 432 019 | 212 169 | 8 165 924 | 712 395 | 29.78% |
| Health | 2 938 694 | 256 372 | 12 103 479 | 1 055 907 | 24.28% |
| Marine (2) | 332 988 | 29 050 | 1 368 393 | 119 379 | 24.33% |
| Accident | 962 110 | 83 934 | 2 008 893 | 175 256 | 47.89% |
| Other risks (3) | 586 437 | 51 161 | 1 949 041 | 170 034 | 30.09% |
| Total non-life | 12 903 533 | 1 125 704 | 55 728 429 | 4 861 748 | 23.15% |
Turkish insurance market: net combined ratio 2021 per non-life class of business
| Classes of business | Net loss ratio | Net management expenses ratio | Net combined ratio |
|---|---|---|---|
| Motor | 102.94% | 18.75% | 121.69% |
| Fire (1) | 70.28% | 29.78% | 100.06% |
| Health | 73.52% | 24.28% | 97.80% |
| Marine (2) | 76.28% | 24.33% | 100.61% |
| Accident | 10.71% | 47.89% | 58.60% |
| Other risks (3) | 76.00% | 30.09% | 106.09% |
| Total non-life | 87.00% | 23.15% | 110.15% |
(1) Including natural disasters and other property damage.
(2) Including inland, marine and aviation transportation.
(3) Including general liability, credit, bond, financial losses, legal protection and assistance.
Exchange rate as at 31/12/2021 : 1 TRY = 0.08724 USD ; 31/12/2020 : 1 TRY = 0.13557 USD ; 31/12/2019 : 1 TRY = 0.16806 USD ; 31/12/2018 : 1 TRY = 0.18907 USD ; 31/12/2017 : 1 TRY = 0.26406 USD.
Source: Insurance Association of Turkey « TSB ».
