2026 is poised to be a year of significant growth for the insurance sector in terms of risk management, digital transformation, and sustainability, according to the Insurance Association of Turkiye (TSB) President Mr Ugur Gulen, outlining his expectations of the industry for the new year.
Increased risk awareness, growing business structures and rapid technological advancements are boosting demand for fire, earthquake, health and business continuity coverage. In health insurance, the positive impact of regulations, along with the widespread adoption of data sharing and telehealth applications, is significantly increasing both the variety and accessibility of services, he told various local media organisations.
Mr Gulen added that the industry’s 2026 goals include sustainable and balanced growth, strong momentum in health and supplementary health insurance, wider reach in the individual segment and new product designs suitable for electric and autonomous vehicles.
In the traffic insurance branch, the balancing of claims costs due to slowing inflation and the mandatory coverage of motorbikes will contribute to market expansion.
Participation insurance (takaful) will continue to grow with the impact of new regulations.
The main risks facing the sector are: healthcare inflation, rising medical technology costs, an increase in catastrophic events, undervaluation issues and low insurance coverage rates.
However, increased capacity, pricing stabilisation, and more predictable risk transfers in reinsurance markets create a positive outlook for the sector.
“A strong growth target has also been set for premium production. The main goal of the sector is to increase premium production, which is expected to exceed TRY1.2tn ($28bn) in 2025, to nearly TRY2.0tn in 2026,” he said.
On the financial reporting side, IFRS 17 is creating a significant transformation.
This standard, which enables insurance companies to measure their liabilities much more accurately, is leading to a steadily increasing maturity level in financial reporting.
“We expect that by 2026, the necessary legal regulations will be completed, and IFRS 17-based financial statements will replace IFRS 4-based statements, and the sector will begin reporting according to international quality standards,” he said.
Adding that the Turkish insurance industry looks beyond 2026, he said, “Our long-term vision for 2030 forms the main framework shaping the future of the industry. At the heart of this vision is a ‘more inclusive, more digital, more resilient’ insurance ecosystem.”