Veuillez noter que la page demandée n’est pas disponible dans la langue par défaut sélectionnée. Vous utilisez notre plateforme dans une autre langue maintenant.

Insurance market in Turkey - statistics & facts

The insurance business in Turkey started emerging in the late 19th century in the Ottoman era, relatively late compared to most of the other European countries. Nevertheless, the sector has become the second largest the sector has become the second largest segment of the Turkish financial system with total assets reaching 427 billion Turkish lira by the end of 2021. At the same time, both the export and import values of the insurance and pension services peaked in 2021, indicating that the market is expanding not only locally but also internationally.

Life versus non-life insurance in Turkey

The market can be broken down into two main categories: life and non-life (or general) insurance. Non-life insurance covers non-life assets, such as houses, vehicles, health, events, travel, and more, and compensates for the financial losses due to damage to an asset, whereas life insurance pays out a sum of money upon the death of the insured. In Turkey, the premium incomes of these two main segments increased year-on-year basis and achieved a record value of over 104.9 billion Turkish lira in 2021. In the same year, non-life insurance generated significantly higher premiums than life insurance, namely 87.6 billion Turkish lira. When it comes to claims, non-life insurance companies paid out a total of 42.7 billion Turkish lira in compensation. Although the total amount compensated to life insurance policyholders was considerably lower, the value of claims paid by the life insurance companies has been increasing steadily over the years.

Leading companies in the insurance market

As of 2021, 69 companies operated in the insurance, reinsurance, and pension market in Turkey. In the last decade, there has been a growing inflow of foreign capital into the Turkish insurance sector. In particular, the foreign life insurance companies dominated the Turkish market by holding a share of 57.5 percent in 2021. Yet, the leading insurance group in 2021 was Turkish-based Türkiye Sigorta AS based on gross written premiums of 11.7 billion Turkish lira. Türkiye Sigorta only entered the Turkish insurance market in 2020. It was formed as a merger of public insurance companies Ziraat Sigorta A.Ş., Halk Sigorta A.Ş and Güneş Sigorta A.Ş which operated under the Turkey Wealth Fund owned by the Turkish government.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Zeynep Dierks, Jan 10, 2024

Key insights

Insurance density in Turkey
134 USD
Penetration of insurance services in Turkey
1.5%
Gross premiums written in non-life insurance in Turkey
9.85bn USD
Get more insights

Editor’s Picks Current statistics on this topic

Insurance premiums as a percentage of GDP in Turkey from 2014 to 2021

Insurance

Ratio of insurance premiums to GDP in Turkey 2014-2021

Gross written premiums of insurance in Turkey in 2022, by branch (in million Turkish lira)

Insurance

Gross written premiums of insurance in Turkey 2022, by branch

Largest insurance companies in Turkey in 2021, by market share

Insurance

Leading insurance groups in Turkey 2021, by market share

Further recommended statistics

Overview

10

Overview

Trade

4

Trade

Life insurance

5

Life insurance

Non-life insurance

5

Non-life insurance

Reinsurance

4

Reinsurance

Companies

9

Companies

Usage

4

Usage

Further reports

Get the best reports to understand your industry

European insurance industry
European insurance industry
Insurance industry in Germany
Insurance industry in Germany
Insurance in the Netherlands
Insurance in the Netherlands

Contact

Get in touch with us. We are happy to help.
Statista Locations
Contact Meredith Alda
Meredith Alda
Sales Manager– Contact (United States)
Email
support@statista.com

Mon - Fri, 9am - 6pm (EST)

Contact Yolanda Mega
Yolanda Mega
Operations Manager– Contact (Asia)
Email
asia.support@statista.com

Mon - Fri, 9am - 5pm (SGT)

Contact Kisara Mizuno
Kisara Mizuno
Senior Business Development Manager– Contact (Asia)
Email
asia.support@statista.com

Mon - Fri, 10:00am - 6:00pm (JST)

Contact Lodovica Biagi
Lodovica Biagi
Director of Operations– Contact (Europe)
Email
eu.support@statista.com

Mon - Fri, 9:30am - 5pm (GMT)

Contact Carolina Dulin
Carolina Dulin
Group Director - LATAM– Contact (Latin America)
Email
latam@statista.com

Mon - Fri, 9am - 6pm (EST)

Menu