Turkey Insurance Sector Report 2023-2024

Turkey's insurance sector has experienced double-digit growth in the past five years, registering a compound annual growth rate (CAGR) of 49% over the 2018-2022 period, driven by both non-life and life segments. In 2022, total insurance premiums reached TRY 235bn, more than doubling from the previous year's TRY 105bn. Growth, however, was mainly due to inflationary pressures with consumer prices in the country hitting decades-long highs. Turkey's annual inflation reached 72.3% in 2022, up from the still high 19.6% in 2021. Despite its solid performance, the market is still well below the European average in terms of insurance penetration and density. The country's developing economy, with its favourable demographics, high urbanisation rates and expanding middle class, are a fertile base for further development of the sector. However, the country's macroeconomic risks, including currency fluctuations and high inflation, will continue to cloud the industry's outlook.

This report provides a complete and detailed analysis of the "Insurance" sector for Turkiye. EMIS Insights presents in-depth business intelligence in a standard format across countries and regions, providing a balanced mix between analysis and data.

What this report allows you to do:

• Understand the key elements at play in the "Insurance" sector in Turkiye
• Crystallise the forces both driving and restraining this sector in Turkiye
• Ascertain Turkiye’s position in the global sector
• Build a complete perspective on sector trade, investment and employment
• Understand the competitive landscape and who the major players are
• View M&A activity and major deals
• Gain an understanding of the regulatory environment for the sector in Turkiye.
• Build a clear picture of trends, output and consumption for specific sub-sectors