Turkiye: Insurance market grows at 36% in real terms in 2022

Source: Middle East Insurance Review | Apr 2023

The Turkish insurance sector grew by 123.2% to TRY235bn ($12.4bn) in 2022, according to data from the Insurance Association of Turkiye (TSB). Adjusted for inflation, the real increase in premium production in the sector was 35.9%.

The insurance industry generally views 2022 as a difficult year given that the rapid growth in premiums was due mainly to increases in premium rates, reported Sigorta Medya.

Insurers faced a declining Turkish lira and high inflation. The industry saw annual inflation in 2022 at 64.3%, after Turkiye’s annual consumer inflation eased to 84.4% in November from a 24-year high of 85.5% in October.

In 2022, the non-life sector expanded by 133.1% (41.9% in real terms), while the growth in the life branch was 74.1% (6% in real terms). M

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