Turkish insurance market: turnover increase in 2024

The Insurance Association of Turkey (TSB) has published the local market’s preliminary figures for the financial year 2024.

The market’s overall turnover stood at 838.5 billion TRY (23.7 billion USD) at end-December 2024, up 72.5% on the 486 billion TRY (16.3 billion USD) recorded a year earlier.

Non-life premiums progressed by 72%, rising from 429.3 billion TRY (14.4 billion USD) at 31 December 2023 to 738.6 billion TRY (20.9 billion USD) twelve months later. The non-life business accounted for 88.1% of the total portfolio in 2024.

Life underwriting, at 99.9 billion TRY (2.8 billion USD), representing a market share of 11.9%, grew by 76.2% over one year.