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| Surface area (1): 783 562 Km2 |
| Population (1) (2024): 85 518 661 inhabitants |
| GDP (1) (2024): 1 320 billion USD |
| GDP per capita (1) (2024): 15 435 USD |
| GDP growth rate (1) (2024): 3.2% |
| Inflation rate (1) (2024): 58.5% |
| Main sectors of activity: Textile industry, tourism, household appliances, automotive industry, agriculture (tobacco, cotton, sugar, livestock), agri-food industry. |
Major cities (2) (by number of inhabitants) (2024):
|
(1) Source: Population.data
(2) Source: Turkish Statistical Institute
Turkish insurance market: features and 2024 structure
| Market stakeholders | Total |
|---|---|
| Non-life insurance companies | 47 |
| Life insurance and private pension companies | 20 |
| Reinsurance companies | 4 |
| Total | 71 |
| Market features | |
|---|---|
| Regulatory authority: Ministry of the Treasury and Finance - Insurance and Private Pension Regulation and Supervision Agency (SEDDK) | |
| Life and non-life premiums (2024): 23.744 billion USD | |
| Insurance density (2024): 277.6 USD | |
| Penetration rate (2024): 1.8% |
Turkish insurance market: premium evolution by life and non-life class of business (2020-2024)
Figures in thousands USD
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| 2020 | 2021 | 2022 | 2023 | 2024 | |
| Non-life | 9 239 432 | 7 639 079 | 10 912 020 | 14 318 544 | 20 915 596 |
| Life | 1 956 454 | 1 512 529 | 1 648 142 | 1 903 953 | 2 828 279 |
| Total | 11 195 886 | 9 151 608 | 12 560 162 | 16 222 497 | 23 743 875 |
Turkish insurance market: turnover by class of business (2020-2024)
Figures in thousands USD
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| Classes of business | 2020 | 2021 | 2022 | 2023 | 2024 | Shares 2024 |
| Motor | 4 234 187 | 3 281 286 | 5 460 681 | 6 735 283 | 9 403 483 | 39.60% |
| Fire (1) | 2 514 588 | 2 188 650 | 2 633 571 | 3 679 827 | 5 577 561 | 23.49% |
| Health | 1 368 749 | 1 140 958 | 1 605 451 | 2 364 824 | 3 866 851 | 16.29% |
| Marine (2) | 345 979 | 344 592 | 416 237 | 429 260 | 608 640 | 2.56% |
| Accident | 303 301 | 210 161 | 251 693 | 367 135 | 512 550 | 2.16% |
| General third party liability | 296 933 | 280 580 | 318 276 | 375 913 | 445 732 | 1.88% |
| Other risks (3) | 175 695 | 192 852 | 226 111 | 366 302 | 500 779 | 2.11% |
| Total non-life | 9 239 432 | 7 639 079 | 10 912 020 | 14 318 544 | 20 915 596 | 88.09% |
| Life | 1 956 454 | 1 512 529 | 1 648 142 | 1 903 953 | 2 828 279 | 11.91% |
| Grand total | 11 195 886 | 9 151 608 | 12 560 162 | 16 222 497 | 23 743 875 | 100% |
Read also | Insurance companies in Turkey
Turkish insurance market: loss ratio by non-life class of business (2024)
Figures in thousands
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| Class of business | Incurred losses | Earned premiums | Loss ratio | ||
| TRY | USD | TRY | USD | ||
| Motor | 215 096 592 | 6 089 385 | 215 740 553 | 6 107 615 | 99.70% |
| Fire (1) | 18 226 512 | 515 993 | 47 407 341 | 1 342 102 | 38.45% |
| Health | 72 935 836 | 2 064 813 | 97 462 516 | 2 759 164 | 74.83% |
| Marine (2) | 3 973 026 | 112 476 | 7 064 939 | 200 009 | 56.24% |
| Accident | 687 800 | 19 472 | 12 615 221 | 357 137 | 5.45% |
| General third party liability | 4 338 724 | 122 829 | 5 628 411 | 159 340 | 77.09% |
| Other risks (3) | 812 945 | 23 014 | 7 000 573 | 198 186 | 11.61% |
| Total non-life | 316 071 435 | 8 947 982 | 392 919 554 | 11 123 553 | 80.44% |
Turkish insurance market: Management expenses ratio by non-life class of business (2024)
Figures in thousands
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| Class of business | Management expenses | Net written premiums | Management expenses ratio | ||
| TRY | USD | TRY | USD | ||
| Motor | 49 446 947 | 1 399 843 | 278 931 142 | 7 896 541 | 17.73% |
| Fire (1) | 20 875 300 | 590 980 | 69 987 891 | 1 981 357 | 29.83% |
| Health | 26 656 720 | 754 652 | 127 454 310 | 3 608 232 | 20.91% |
| Marine (2) | 2 370 834 | 67 118 | 8 336 479 | 236 006 | 28.44% |
| Accident | 7 259 017 | 205 503 | 16 332 332 | 462 368 | 44.45% |
| General third partyliability | 1 870 058 | 52 941 | 6 491 852 | 183 784 | 28.81% |
| Other risks (3) | 3 195 104 | 90 453 | 10 990 526 | 311 142 | 29.07% |
| Total non-life | 111 673 980 | 3 161 490 | 518 524 532 | 14 679 430 | 21.54% |
Turkish insurance market: combined ratio by non-life class of business (2024)
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| Class of business | Loss ratio | Management expenses ratio | Combined ratio |
| Motor | 99.70% | 17.73% | 117.43% |
| Fire (1) | 38.45% | 29.83% | 68.28% |
| Health | 74.83% | 20.91% | 95.74% |
| Marine (2) | 56.24% | 28.44% | 84.68% |
| Accident | 5.45% | 44.45% | 49.90% |
| General third party liability | 77.09% | 28.81% | 105.90% |
| Other risks (3) | 11.61% | 29.07% | 40.68% |
| Total non-life | 80.44% | 21.54% | 101.98% |
(1) Including natural disasters and other property damage.
(2) Including marine, aviation, and land transportation.
(3) Including credit, bond, financial losses, legal protection, and assistance.
Exchange rate as at 31/12/2024: 1 TRY = 0.02831 USD, at 31/12/2023 : 1 TRY = 0.03361 USD, at 31/12/2022: 1 TRY = 0.05341 USD, at 31/12/2021: 1 TRY = 0.08724 USD, at 31/12/2020: 1 TRY = 0.13557 USD
