Turkish insurance market: turnover increase in 2020

Despite the coronavirus pandemic, the Turkish insurance market has recorded a 19.3% increase in turnover by the end of 2020. It went from 69.2 billion TRY (11.6 billion USD) on 31 December 2019 to 82.6 billion TRY (11.1 billion USD) a year later.

The non-life class of business has totaled 68.2 billion TRY (9.2 billion USD) of premiums in 2020, an increase of 17.6% compared to 2019. This activity is driven by the motor class of business, which alone has a turnover of 20.5 billion TRY (2.7 billion USD).

With a turnover of 14.4 billion TRY (1.95 billion USD), life insurance grew by 26.3% in one year.

Takaful insurance is also up by 24.2% reaching 4.3 billion TRY (582.95 million USD) at the end of December 2020.