Neova Katilim Sigorta maintained its leadership in the participation insurance (takaful) market with a contribution volume of TRY6.6bn ($170.8m), representing a 41.2% market share, in the first quarter of this year, according to data released by the Insurance Association of Türkiye (TSB).
Close on its heels was Bereket Sigorta which ranked second with a contribution volume exceeding TRY6.0bn , representing a market share of 37.23%.
In third place was Türkiye Katilim Sigorta with a contribution volume of TRY2.1bn, representing a 13.1% market share.
The combined contributions of the 10 participation insurance companies in Türkiye totalled TRY16.2bn in 1Q2025.
This picture shows that competition in the participation insurance sector is getting fiercer, with Neova and Bereket reinforcing their dominance in the sector. At the same time, new players are striving for their share of the market.
Meanwhile, the Insurance and Private Pension Regulation and Supervision Agency (SEDDK) has released at a recent industry meeting the findings of a study it had conducted to develop and expand participation insurance, reported Insurance Gazette.
The meeting addressed the current status of participation insurance in Türkiye and the world, its legal framework, its potential in Türkiye and its strategic targets for the future. The meeting was attended by SEDDK chairman Davut Mentes, head of the Participation Regulation Department; TSB secretary general, Özgür Obali and TSB deputy secretary-general Ahmet Gökdag.
The meeting also focused on issues such as the general framework of the new Participation Insurance and Individual Pension Regulation, the methods and models envisaged for participation insurance, the corporate governance structure and compliance with international standards.