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KPMG has released data on the Turkish insurance market for 2024. The sector's total turnover reached 838.5 billion TRY (20.4 billion USD), marking a 73% increase from 486.02 billion TRY (16.3 billion USD) in 2023.
Non-life premiums grew by 72% to 738.6 billion TRY (18 billion USD), representing 88% of the total market. Meanwhile, life insurance premiums rose by 76% year-on-year to 99.9 billion TRY (2.4 billion USD), accounting for the remaining 12% of the market portfolio in 2024.
For the 2025 financial year, the premium volume is projected to reach 1 200 billion TRY (29.3 billion USD).
Local insurers closed 2024 with a net profit of 31.762 billion TRY (774.3 million USD), up 59.46% from 19.918 billion TRY (669.4 million USD) at the end of 2023.
As of the end of 2024, the Turkish insurance market comprised 74 companies, including 50 in the non-life segment, 20 in life insurance, and four reinsurers.
