Turkish insurance market forecasts for 2021

According to the supervisory authority (SEDDK), the Turkish insurance market's turnover should reach 100 billion TRY (9.1 billion USD) by the end of 2021. This amount would represent a 20% increase compared to the 82 billion TRY (11.11 billion USD) recorded in 2020.

During the first nine months of 2021, total premiums amounted to 70.6 billion TRY (7.9 billion USD), a 19.1% year-on-year growth. The market is dominated by the motor class of business with 16.1 billion TRY (1.8 billion USD) of premium income as at 30 September 2021.

It is worth mentioning that Turkey has 65 insurance companies, 41 of which operate in the non-life class of business, 21 in life and 3 reinsurers.