The participation insurance (takaful) market in Turkiye attracted contributions exceeding TRY32.5bn ($790m) in the first half of the year. This marked a growth of 53.5% compared to the corresponding period last year.
In 1H2025, the overall insurance market generated total premium of TRY576.8bn, climbing by 52.0% year on year.
Participation insurance accounted for 5.6% of the overall market’s total premium production in 1H2025, reported the business news platform Finansingundem.
The Insurance and Private Pension Regulation and Supervision Agency (SEDDK) aims to increase the share of participation insurance in the insurance sector to 10-15% over the next five years.
To facilitate the development of the participation insurance market, the SEDDK is updating the regulatory framework and working on the "Draft Regulation on Participation Insurance and Participation Private Pension Activities" in consultation with the Insurance Association of Turkiye (TSB).
Participation insurance has largely mirrored the growth trend across the insurance sector over the last five years, as is shown in the following table:
|
Growth of takaful market
|
|
Period
|
Participation insurance segment
|
Overall insurance market
|
|
|
TRY bn
|
Y-o-Y growth
|
Share of total market
|
TRY bn
|
Y-o-Y growth
|
|
12M 2020
|
4.27
|
24.2
|
5.1
|
82.58
|
19.3
|
|
12M 2021
|
5.47
|
28.1
|
5.2
|
105.31
|
27.5
|
|
12M 2022
|
12.06
|
120.5
|
5.1
|
235.01
|
123.2
|
|
12M 2023
|
24.47
|
102.9
|
5.0
|
485.92
|
106.8
|
|
12M 2024
|
43.06
|
75.8
|
5.1
|
838.50
|
72.5
|
|
6M 2025
|
32.54
|
53.5
|
5.6
|
576.81
|
52.0
|