Turkish insurance market features
- Regulatory authority: Insurance and private pension regulation and supervision agency (SDDK)
- Life and non life premiums (2018): 10.335 billion USD
- Insurance density (2018): 125.5 USD
- Penetration rate (2018): 1.3%
Turkish insurance market structure in 2018
Market players | Total |
---|---|
Non life insurance companies | 40 |
Life insurance companies | 5 |
Reinsurance companies | 3 |
Pension funds | 18 |
Total | 66 |
Identity
- Area (1): 783 562 Km2
- Population (1) (2018) : 82 319 724 inhabitants
- GDP (1) (2018) : 771.35 billion USD
- GDP per capita (2018) : 9 370 USD
- Inflation rate (1) (2018) : 2.8%
- Taux d'inflation (1) (2018) : 16.4%
- Main economic sectors : Textile, tourism, household appliances, motor industry, agriculture (tobacco, cotton, sugar, cattle), food industry.
Main cities (2)
(per number of inhabitants in 2016)
- Istanbul : 15 067 724
- Ankara (Capital) : 5 503 985
- Izmir : 4 320 519
(1) Source: World Bank
(2) Source: Population.data
Turkish insurance industry: Evolution of premiums per life and non-life insurance (2014-2018)
Figures in thousands of USD
2014 | 2015 | 2016 | 2017 | 2018 | |
---|---|---|---|---|---|
Non-life | 9 774 263 | 9 288 448 | 10 054 322 | 10 492 421 | 9 026 688 |
Life | 1 411 576 | 1 290 585 | 1 429 107 | 1 807 234 | 1 308 487 |
Total | 11 185 839 | 10 579 033 | 11 483 429 | 12 299 655 | 10 335 174 |
Read also | Insurance companies in Turkey: 2020 ranking [4]
Turkish insurance industry: Turnover per company (2017-2018)
Figures in thousands
Company | 2018 turnover | 2017 turnover | 2017-2018 evolution (1) | 2018 shares | ||
---|---|---|---|---|---|---|
In TRY | In USD | In TRY | In USD | |||
Allianz Sigorta | 5 809 795 | 1 098 458 048 | 5 134 075 | 1 355 704 | 13.16% | 10.64% |
Anadolu Anonim Türk Sigorta Şirketi | 5 701 355 | 1 077 955 268 | 4 671 411 | 1 233 532 | 22.05% | 10.44% |
Aksigorta | 3 417 338 | 646 116 177 | 2 635 582 | 695 952 | 29.66% | 6.25% |
Axa Sigorta | 3 374 670 | 638 048 825 | 2 908 210 | 767 941 | 16.04% | 6.17% |
Mapfre Sigorta | 2 647 752 | 500 610 477 | 2 682 018 | 708 213 | -1.28% | 4.84% |
Sompo Japan Sigorta | 2 509 171 | 474 408 950 | 2 264 027 | 597 838 | 10.83% | 4.59% |
Ziraat Sigorta | 2 196 755 | 415 340 418 | 1 736 316 | 458 491 | 26.52% | 4.02% |
Güneş Sigorta | 1 907 407 | 360 633 363 | 1 660 979 | 438 597 | 14.84% | 3.49% |
Halk Sigorta | 1 756 187 | 332 042 334 | 1 480 371 | 390 906 | 18.63% | 3.21% |
Doğa Sigorta | 1 668 708 | 315 502 697 | 1 498 477 | 395 687 | 11.36% | 3.05% |
HDI Sigorta | 1 592 689 | 301 129 697 | 1 095 934 | 289 392 | 45.33% | 2.91% |
Eureko Sigorta | 1 522 297 | 287 820 622 | 1 379 057 | 364 154 | 10.39% | 2.78% |
Groupama Sigorta | 1 346 928 | 254 663 623 | 1 226 536 | 323 879 | 9.82% | 2.46% |
Neova Sigorta | 1 305 194 | 246 772 963 | 1 080 007 | 285 187 | 20.85% | 2.39% |
Ziraat Hayat ve Emeklilik | 1 260 358 | 238 295 854 | 1 402 790 | 370 421 | -10.15% | 2.31% |
Acıbadem Sağlık ve Hayat Sigorta | 1 143 813 | 216 260 728 | 913 306 | 241 168 | 25.24% | 2.09% |
Ethica Sigorta | 999 532 | 188 981 504 | 607 688 | 160 466 | 64.48% | 1.83% |
Quick Sigorta | 980 272 | 185 340 118 | 421 408 | 111 277 | 132.62% | 1.79% |
Ray Sigorta | 906 193 | 171 333 968 | 706 218 | 186 484 | 28.32% | 1.66% |
Metlife Emeklilik ve Hayat | 809 556 | 153 062 787 | 755 790 | 199 574 | 7.11% | 1.48% |
Ergo Sigorta | 765 023 | 144 642 925 | 770 317 | 203 410 | -0.69% | 1.40% |
Zurich Sigorta | 691 598 | 130 760 383 | 540 475 | 142 718 | 27.96% | 1.27% |
Anadolu Hayat Emeklilik | 640 196 | 121 041 856 | 575 673 | 152 012 | 11.21% | 1.17% |
Türk Nippon Sigorta | 603 361 | 114 077 501 | 431 879 | 114 042 | 39.71% | 1.10% |
Unico Sigorta | 599 370 | 113 322 884 | 469 252 | 123 911 | 27.73% | 1.10% |
Allianz Yaşam ve Emeklilik | 596 175 | 112 718 761 | 628 537 | 165 972 | -5.15% | 1.09% |
AvivaSA Emeklilik ve Hayat | 565 371 | 106 894 605 | 471 452 | 124 492 | 19.92% | 1.03% |
Ankara Anonim Türk Sigorta Şirketi | 542 166 | 102 507 412 | 446 939 | 118 019 | 21.31% | 0.99% |
Aegon Emeklilik ve Hayat | 507 114 | 95 880 118 | 380 278 | 100 416 | 33.35% | 0.93% |
Vakıf Emeklilik | 503 850 | 95 262 859 | 455 926 | 120 392 | 10.51% | 0.92% |
Gulf Sigorta | 501 319 | 94 784 465 | 402 138 | 106 189 | 24.66% | 0.92% |
Cigna Finans Emeklilik ve Hayat | 494 176 | 93 433 815 | 482 470 | 127 401 | 2.43% | 0.90% |
Garanti Emeklilik ve Hayat | 483 657 | 91 445 061 | 498 885 | 131 736 | -3.05% | 0.88% |
Halk Hayat ve Emeklilik | 446 930 | 84 500 974 | 511 784 | 135 142 | -12.67% | 0.82% |
Bereket Sigorta | 417 132 | 78 867 215 | 235 778 | 62 260 | 76.92% | 0.76% |
Koru Sigorta | 326 739 | 61 776 583 | 201 718 | 53 266 | 61.98% | 0.60% |
Dubai Starr Sigorta | 265 569 | 50 211 089 | 222 092 | 58 646 | 19.58% | 0.49% |
SBN Sigorta | 260 661 | 49 283 106 | 194 321 | 51 312 | 34.14% | 0.48% |
Generali Sigorta | 259 800 | 49 120 465 | 221 442 | 58 474 | 17.32% | 0.48% |
Chubb European Group | 251 337 | 47 520 222 | 157 868 | 41 687 | 59.21% | 0.46% |
BNP Paribas Cardif Hayat | 234 561 | 44 348 491 | 221 129 | 58 391 | 6.07% | 0.43% |
BNP Paribas Cardif Emeklilik | 177 214 | 33 505 873 | 164 981 | 43 565 | 7.42% | 0.32% |
NN Hayat ve Emeklilik | 176 980 | 33 461 624 | 210 152 | 55 493 | -15.78% | 0.32% |
Groupama Emeklilik | 163 988 | 31 005 125 | 164 106 | 43 334 | -0.07% | 0.30% |
Fiba Emeklilik ve Hayat | 163 267 | 30 868 890 | 148 000 | 39 081 | 10.32% | 0.30% |
Orient Sigorta | 162 093 | 30 646 994 | 172 871 | 45 648 | -6.23% | 0.30% |
Turkland Sigorta | 157 352 | 29 750 525 | 97 807 | 25 827 | 60.88% | 0.29% |
Allianz Hayat ve Emeklilik | 114 369 | 21 623 674 | 128 874 | 34 031 | -11.26% | 0.21% |
BNP Paribas Cardif Sigorta | 109 071 | 20 622 019 | 107 510 | 28 389 | 1.45% | 0.20% |
Coface Sigorta | 95 473 | 18 051 141 | 62 951 | 16 623 | 51.66% | 0.17% |
Euler Hermes Sigorta | 83 896 | 15 862 299 | 58 467 | 15 439 | 43.49% | 0.15% |
Liberty Sigorta | 74 266 | 14 041 458 | 231 637 | 61 166 | -67.94% | 0.14% |
Demir Hayat Sigorta | 70 061 | 13 246 518 | 58 277 | 15 389 | 20.22% | 0.13% |
Türk P&I Sigorta | 53 050 | 10 030 100 | 37 544 | 9 914 | 41.30% | 0.10% |
Atradius Crédito y Caución | 52 811 | 9 984 965 | 43 290 | 11 431 | 21.99% | 0.10% |
Katılım Emeklilik ve Hayat | 51 823 | 9 798 084 | 44 733 | 11 812 | 15.85% | 0.09% |
Magdeburger Sigorta | 40 017 | 7 566 071 | 22 573 | 5 961 | 77.28% | 0.07% |
SS Atlas Karşılıklı Sigorta Kooperati | 32 937 | 6 227 396 | 3 158 | 834 | 942.81% | 0.06% |
Mapfre Yaşam Sigorta | 31 386 | 5 934 072 | 20 926 | 5 526 | 49.99% | 0.06% |
Bereket Emeklilik ve Hayat | 29 639 | 5 603 813 | 259 | 68 | 11331% | 0.05% |
Axa Hayat ve Emeklilik | 11 448 | 2 164 464 | 20 347 | 5 373 | -43.74% | 0.02% |
Total | 54 663 216 | 10 335 174 316 | 46 579 016 | 12 299 655 | 17.36% | 100% |
(1) Growth rate in local currency
Turkish insurance industry: Turnover 2018 per company and per class of business
Figures in thousands of USDCompany | Motor | Fire (1) | Health | Accident | Marine (2) | Other risks (3) | Life | Total |
---|---|---|---|---|---|---|---|---|
Allianz Sigorta | 439 986 | 108 811 | 416 133 | 20 111 | 19 836 | 93 582 | - | 1 098 459 |
Anadolu Anonim Türk Sigorta Şirketi | 499 261 | 195 768 | 134 414 | 27 295 | 60 776 | 160 441 | - | 1 077 955 |
Aksigorta | 348 954 | 114 099 | 52 310 | 7 303 | 20 712 | 102 738 | - | 646 116 |
Axa Sigorta | 368 934 | 129 692 | 48 201 | 12 373 | 14 576 | 64 273 | - | 638 049 |
Mapfre Sigorta | 239 881 | 65 988 | 105 809 | 4 500 | 11 572 | 72 861 | - | 500 611 |
Sompo Japan | 342 600 | 52 846 | 17 984 | 2 090 | 7 352 | 51 538 | - | 474 410 |
Ziraat Sigorta | 51 759 | 70 591 | 3 911 | 31 223 | 2 817 | 255 039 | - | 415 340 |
Güneş Sigorta | 142 311 | 64 937 | 28 970 | 9 485 | 53 751 | 61 180 | - | 360 634 |
Halk Sigorta | 220 021 | 64 977 | 7 543 | 8 536 | 1 685 | 29 281 | - | 332 043 |
Doğa Sigorta | 259 058 | 25 811 | 9 967 | 10 773 | 4 311 | 5 582 | - | 315 502 |
HDI Sigorta | 184 767 | 48 912 | 3 225 | 4 701 | 21 719 | 37 805 | - | 301 129 |
Eureko Sigorta | 78 929 | 104 800 | 28 926 | 7 237 | 10 379 | 57 550 | - | 287 821 |
Groupama Sigorta | 92 539 | 24 615 | 31 072 | 2 714 | 4 660 | 99 063 | - | 254 663 |
Neova Sigorta | 175 698 | 22 854 | 52 | 28 536 | 1 581 | 18 052 | - | 246 773 |
Ziraat Hayat ve Emeklilik | - | - | - | 2 833 | - | - | 235 463 | 238 296 |
Acıbadem Sağlık ve Hayat Sigorta | - | - | 214 333 | 925 | - | - | 1 003 | 216 261 |
Ethica Sigorta | 167 054 | 8 321 | 2 002 | 6 020 | 0 | 5 584 | - | 188 981 |
Quick Sigorta | 176 932 | 3 252 | 37 | 114 | 146 | 4 859 | - | 185 340 |
Ray Sigorta | 86 234 | 33 635 | 7 086 | 1 221 | 7 256 | 35 902 | - | 171 334 |
Metlife Emeklilik ve Hayat | - | - | - | 41 673 | - | - | 111 389 | 153 062 |
Ergo Sigorta | 63 086 | 29 498 | 15 946 | 1 625 | 14 372 | 20 115 | - | 144 642 |
Zurich Sigorta | 34 882 | 34 187 | 8 084 | 21 734 | 5 473 | 26 400 | - | 130 760 |
Anadolu Hayat Emeklilik | - | - | - | 186 | - | - | 120 856 | 121 042 |
Türk Nippon Sigorta | 80 785 | 6 512 | 12 722 | 5 033 | 1 060 | 7 965 | - | 114 077 |
Unico Sigorta | 74 847 | 17 295 | 2 755 | 2 547 | 1 953 | 13 926 | - | 113 323 |
Allianz Yaşam ve Emeklilik | - | - | - | 499 | - | - | 112 220 | 112 719 |
AvivaSA Emeklilik ve Hayat | - | - | - | 14 256 | - | - | 92 639 | 106 895 |
Ankara Anonim Türk Sigorta Şirketi | 80 637 | 9 619 | 6 149 | 1 394 | 718 | 3 990 | - | 102 507 |
Aegon Emeklilik ve Hayat | - | - | 1 | - | - | - | 95 879 | 95 880 |
Vakıf Emeklilik | - | - | - | 17 542 | - | - | 77 721 | 95 263 |
Gulf Sigorta | 14 919 | 17 844 | 3 728 | 5 155 | 4 742 | 48 396 | - | 94 784 |
Cigna Finans Emeklilik ve Hayat | - | - | - | 13 040 | - | - | 80 394 | 93 434 |
Garanti Emeklilik ve Hayat | - | - | - | 0 | - | - | 91 445 | 91 445 |
Halk Hayat ve Emeklilik | - | - | - | 203 | - | - | 84 298 | 84 501 |
Bereket Sigorta | 58 456 | 9 419 | 535 | 971 | 273 | 9 212 | - | 78 866 |
Koru Sigorta | 54 732 | 2 675 | 55 | 986 | 59 | 3 269 | - | 61 776 |
Dubai Starr Sigorta | 14 384 | 12 346 | 640 | 1 015 | 1 952 | 19 874 | - | 50 211 |
SBN Sigorta | 31 592 | 5 127 | 2 681 | 5 355 | 352 | 4 176 | - | 49 283 |
Generali Sigorta | 28 191 | 12 231 | 1 604 | 923 | 1 025 | 5 147 | - | 49 121 |
Chubb European Group | - | 15 417 | 258 | 2 286 | 2 749 | 26 810 | - | 47 520 |
BNP Paribas Cardif Hayat Sigorta | - | - | - | 269 | - | - | 44 080 | 44 349 |
BNP Paribas Cardif Emeklilik | - | - | - | 131 | - | - | 33 375 | 33 506 |
NN Hayat ve Emeklilik | - | - | 25 | 3 256 | - | - | 30 180 | 33 461 |
Groupama Emeklilik | - | - | - | 5 259 | - | - | 25 746 | 31 005 |
Fiba Emeklilik ve Hayat | - | - | 79 | 242 | - | - | 30 548 | 30 869 |
Orient Sigorta | 22 257 | 3 444 | 72 | 722 | 2 011 | 2 141 | - | 30 647 |
Turkland Sigorta | 25 848 | 1 729 | 264 | 378 | 91 | 1 440 | - | 29 750 |
Allianz Hayat ve Emeklilik | - | - | - | 191 | - | - | 21 432 | 21 623 |
BNP Paribas Cardif Sigorta | - | - | - | 1 914 | - | 18 708 | - | 20 622 |
Coface Sigorta | - | - | - | - | - | 18 051 | - | 18 051 |
Euler Hermes Sigorta | - | - | - | - | - | 15 862 | - | 15 862 |
Liberty Sigorta | 9 555 | 1 877 | 81 | 368 | 424 | 1 737 | - | 14 042 |
Demir Hayat Sigorta | - | - | 12 902 | 70 | - | - | 275 | 13 247 |
Türk P&I Sigorta | - | - | - | - | 9 930 | 100 | - | 10 030 |
Atradius Crédito | - | - | - | - | - | 9 985 | - | 9 985 |
Katılım Emeklilik ve Hayat | - | - | 266 | 1 487 | - | - | 8 045 | 9 798 |
Magdeburger Sigorta | 7 440 | 2 | 0 | 1 | 0 | 123 | - | 7 566 |
SS Atlas Karşılıklı Sigorta Kooperatifi | 5 081 | 134 | 0 | 898 | 37 | 78 | - | 6 228 |
Mapfre Yaşam Sigorta | - | - | 1 | 1 | - | - | 5 932 | 5 934 |
Bereket Emeklilik ve Hayat | - | - | - | 2 186 | - | - | 3 417 | 5 603 |
Axa Hayat ve Emeklilik | - | - | - | 16 | - | - | 2 149 | 2 165 |
Total | 4 481 611 | 1 319 267 | 1 180 821 | 341 804 | 290 348 | 1 412 836 | 1 308 487 | 10 335 174 |
(1) Including natural catastrophes
(2) Including marine, aviation and inland transportation
(3) Including general third party liability, credit, bond, financial losses, legal protection, assistance and miscellaneous accident
Turkish insurance industry: Turnover 2018 per class of business (2014-2018)
Figures in thousands of USD
Class of business | 2014 | 2015 | 2016 | 2017 | 2018 | Part 2018 |
---|---|---|---|---|---|---|
Motor | 4 568 858 | 4 424 547 | 5 417 839 | 5 276 077 | 4 481 612 | 43.36% |
Fire (1) | 1 655 022 | 1 504 037 | 1 369 290 | 1 517 278 | 1 319 267 | 12.76% |
Health | 1 260 796 | 1 179 042 | 1 198 682 | 1 326 813 | 1 180 821 | 11.43% |
Accident | 445 930 | 396 332 | 406 274 | 444 371 | 341 804 | 3.31% |
Marine (2) | 340 072 | 317 774 | 276 674 | 301 675 | 290 348 | 2.81% |
Other risks (3) | 1 503 585 | 1 466 716 | 1 385 563 | 1 626 207 | 1 412 836 | 13.67% |
Total non life | 9 774 263 | 9 288 448 | 10 054 322 | 10 492 421 | 9 026 688 | 87.34% |
Life | 1 411 576 | 1 290 585 | 1 429 107 | 1 807 234 | 1 308 486 | 12.66% |
Grand total | 11 185 839 | 10 579 033 | 11 483 429 | 12 299 655 | 10 335 174 | 100% |
(1) Including natural catastrophes
(2) Including marine, aviation and inland transportation
(3) Including general third party liability, credit, bond, financial losses, legal protection, assistance and miscellaneous accident
Turnover 2018 per class of business
Turkish insurance industry: Loss ratio 2018 per class of business
Figures in thousands of USD
Class of business | Incurred losses | Earned premiums | Loss ratio | ||
---|---|---|---|---|---|
In TRY | In USD | In TRY | In USD | ||
Motor | 19 250 180 | 3 639 631 | 21 911 768 | 4 142 858 | 87.85% |
Fire (1) | 3 605 656 | 681 721 | 6 316 543 | 1 194 269 | 57.08% |
Health | 4 305 875 | 814 112 | 5 661 924 | 1 070 500 | 76.05% |
Accident | 309 213 | 58 463 | 1 764 270 | 333 571 | 17.53% |
Marine (2) | 1 293 412 | 244 545 | 1 369 199 | 258 874 | 94.46% |
Other risks (3) | 4 337 039 | 820 004 | 4 983 117 | 942 158 | 87.03% |
Total non life | 33 101 375 | 6 258 477 | 42 006 821 | 7 942 230 | 78.80% |
(1) Including natural catastrophes
(2) Including marine, aviation and inland transportation
(3) Including general third party liability, credit, bond, financial losses, legal protection, assistance and miscellaneous accident
Turkish insurance industry: Management expenses ratio 2018 per class of business
Figures in thousands
Class of business | Management expenses | Written premiums | Management expenses ratio | ||
---|---|---|---|---|---|
In TRY | In USD | In TRY | In USD | ||
Motor | 4 138 745 | 782 513 | 23 703 451 | 4 481 611 | 17.46% |
Fire (1) | 900 097 | 170 181 | 6 977 666 | 1 319 267 | 12.90% |
Health | 1 350 237 | 255 289 | 6 245 415 | 1 180 821 | 21.62% |
Accident | 665 639 | 125 852 | 1 807 819 | 341 804 | 36.82% |
Marine (2) | 166 985 | 31 572 | 1 535 663 | 290 348 | 10.87% |
Other risks (3) | 421 675 | 79 726 | 7 472 555 | 1 412 836 | 5.64% |
Total non life | 7 643 380 | 1 445 134 | 47 742 570 | 9 026 688 | 16.01% |
(1) Including natural catastrophes
(2) Including marine, aviation and inland transportation
(3) Including general third party liability and miscellaneous accident
Turkish insurance industry: Combined ratio 2018 per class of business
Class of business | Loss ratio | Management expenses ratio | Combined ratio |
---|---|---|---|
Motor | 87.85% | 17.46% | 105.31% |
Fire (1) | 57.08% | 12.90% | 69.98% |
Health | 76.05% | 21.62% | 97.67% |
Accident | 17.53% | 36.82% | 54.35% |
Marine (2) | 94.46% | 10.87% | 105.33% |
Other risks (3) | 87.03% | 5.64% | 92.67% |
Total non life | 78.80% | 16.01% | 94.81% |
(1) Including natural catastrophes
(2) Including marine, aviation and inland transportation
(3) Including general third party liability and miscellaneous
Exchange rate TRY/USD as at 31/12 | 2014 | 2015 | 2016 | 2017 | 2018 |
0.43036 | 0.34315 | 0.28362 | 0.26406 | 0.18907 |
Read also : Turkish insurance market in 2019 [5]