Türkiye: Market growth of 72.5% in 2024
Source: Middle East Insurance Review | Apr 2025
Life and non-life insurance business in Türkiye registered notable growth rates in the past year, while participation insurance continues to record impressive growth rates, according to the Association.
Preliminary results for the Türkiye insurance market have shown that GWP reached TRY838.5bn ($23bn) in 2024, compared to TRY486bn in the past year, a 72.5% y-o-y increase (19.5% growth in real change terms), according to the Insurance Association of Türkiye (TBS).
Non-life insurance premiums reached TRY738.5bn in 2024, against TRY429bn in the previous year, showing a growth of 72% (real change at 19%). Non-life business accounted for over 88% of the market GWP in 2024.
Life insurance, which commands around 12% of the market premium income, reached TRY99bn in 2024 compared to TRY56.7bn in the past year, a 76.2% increase (22.1% real change).
According to the TBS, the total premium production of participation insurance has increased by 75.8% compared to the same period of the previous year and amounted to TRY43bn, maintaining a market share of around 5%. M