Turkish Insurance Market: 2023 turnover

According to the Turkish Insurers Association (TSB), local companies closed the 2023 year with a 106.8% turnover increase, in nominal terms. The turnover rose from 235 billion TRY (12.5 billion USD) on 31 December 2022 to 485.9 billion TRY (16.3 billion USD) a year later.

The sector is dominated by non-life insurance which recorded a 110.3% increase in written premiums to 429.2 billion TRY (14.4 billion USD). This class of business accounts for 88.3% of the total portfolio.

At the end of the past year, life underwritings rose by 83.7% to reach 56.7 billion TRY (USD 1.9 billion), that is an 11.7% market share.

For the record, the TSB statistics do not take into account the official inflation rate which stood at 65% in 2023.