Turkish insurance sector sets sight on 40% growth in 2025
File photo shows an insurance professional and a client reviewing and signing an insurance agreement. (Adobe Stock Photo)
The Insurance Association of Türkiye (TSB) announced that the country’s insurance sector generated ₺838 billion ($30.54 billion) in premiums in 2024, with expectations of 35%-40% growth in 2025.
During an iftar meeting on Friday, the TSB Board of Directors shared insights into the 2024 financial results and future projections for the insurance and private pension sectors.
TSB President Ugur Gulen highlighted the sector’s strong performance, stating that equity capital increased by 74% to reach ₺265.3 billion in 2024.
“This development has strengthened insurance companies’ ability to meet long-term liabilities. One of the most promising trends is the rise in policy numbers across key branches such as motor, health, and fire insurance,” he said.
Emphasizing the sector’s financial resilience, Gulen noted, “In 2024, the total assets of Türkiye’s insurance sector grew by 61%, reaching ₺2.29 trillion. This expansion has bolstered financial stability and laid a solid foundation for sustainable growth.”
Decline in auto insurance as fire and health segments expand
Discussing market trends, Gulen stated that new financial instruments and investment strategies are being developed to optimize capital management.
- The share of auto insurance premiums declined from 19% in 2022 to around 13% in 2024.
- Fire insurance premiums rose from 12% to 15% during the same period.
- Health insurance premiums increased by 3%, driven by rising healthcare costs.
