In the first nine months of 2022, the Turkish insurance market [4] has recorded a sharp turnover increase of 108.1% in local currency. Data published by the Insurance Association of Turkey (TSB) showed an overall production of 146.9 billion TRY (7.9 billion USD) against 70.6 billion TRY (7.9 billion USD) during the same period of 2021.
The sector is dominated by the non-life class of business which, with 86% of the total premium income, has posted 126.3 billion TRY (6.8 billion USD) in written premiums. With a 14% market share, life underwriting has reached 20.6 billion TRY (1.1 billion USD).
TSB's statistics do not take into account the inflation rate in Turkey which stood at 83.45% at the end of September 2022, which is the highest rate in 24 years.
Exchange rate as at 09/30/2022: 1 TRY = 0.05394 USD; as at 09/30/2021: 1 TRY = 0.11243 USD