Turkish Insurance Association (TSB) President Ugur Gulen has assessed the insurance sector's performance in 2025 as a success.
Sharing the premium income data for the first 11 months of this year, Mr Gulen said, “We surpassed TRY1tn ($23bn) in premium production, and if this trend continues, we expect to finish the year with more than TRY1.2tn in premium production. This represents a premium growth of more than 40% in 2025."
"With inflation projected to be around 30%, this indicates that we will conclude the year with premium growth exceeding inflation,” reported the Turkish news site YeniSafak, quoting Mr Gulen.
More specifically, Mr Gulen forecasted that premium production in the non-life and life and pension branches would reach $30bn by the end of the year, indicating that this figure would result in the insurance sector's penetration rate reaching 2.5%.
He added, "We still have room for growth. We don't see 2.5% as sufficient; our goal is to raise it to 5%. I hope to see such a ratio by 2030."
He also noted that, according to data from the Turkish Statistical Institute (TUIK), approximately TRY2.4tn was spent on healthcare in the country last year, with 80% of the expenditure borne by the public sector, 17% by citizens, and 3% by private health insurance companies and supplementary funds.