Turkey General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027

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Turkey General Insurance Market Report Overview

The gross written premium of the Turkey general insurance market was TRY204.3 billion ($12.3 million) in 2022. The market is expected to achieve a CAGR of more than 18% during 2023-2027. The Turkey general insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for the Turkey general insurance segment. It also provides values for key performance indicators such as gross written premium, penetration, and premium ceded and cession rates during the review period and forecast period.

Turkey General Insurance Market Outlook, 2022-2027 (TRY Billion)

Turkey General Insurance Market Outlook, 2022-2027 (TRY Billion)

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The report analyzes distribution channels operating in the segment, gives a comprehensive overview of Turkey’s economy and demographics, and provides detailed information on the competitive landscape in the country. The report also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.

Market Size (2022) TRY204.3 billion ($12.3 million)
CAGR (2023-2027) >18%
Forecast Period 2023-2027
Historical Period 2018-2022
Key Trends •       ESG

•       Digital Initiatives

•       Rise in Sale of EVs

Key Lines of Business •       Non Life PA&H

•       Property

•       Motor

•       Liability

•       MAT

Key Distribution Channels •       Direct Marketing

•       Insurance Brokers

•       Agencies

•       Bancassurance

•       Other Distribution Channels

Leading Companies •       Turkiye Sigorta

•       Anadolu Anonim Turk Sigorta Sirketi

•       Allianz Sigorta

•       HDI Sigorta

•       Aksigorta

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Turkey General Insurance Market Trends

ESG, growing digital initiatives, and the rise in the sale of EVs are some of the market trends impacting the Turkey GI industry.

Environmental, social, and governance (ESG) in insurance is evolving from being a risk management framework to being an opportunity for business growth while making an impact on the environment. Insurers play a crucial role as both underwriters and institutional investors in carbon-intensive industries. In June 2022, the European Parliament approved the Corporate Sustainability Reporting Directive (CSRD) requiring many companies to provide a more complete and transparent report on sustainability matters from January 2024. The CSRD aims to increase the accountability and transparency of companies by expanding the scope of reporting and the companies subject to it.

Turkey General Insurance Market Segmentation by Lines of Business

The key lines of business in the Turkey general insurance market are property, motor, liability, MAT, and non-life PA&H among others. Motor insurance had the highest market share in Turkey general insurance market in 2022. It was followed by property insurance.

According to GlobalData’s estimates, motor insurance premiums increased significantly in 2022. This was mainly due to the increase in the price of vehicles, costs of repairs and auto parts, and the depreciation of the Turkish lira.

Turkey General Insurance Market Analysis by Lines of Business, 2022 (%)

Turkey General Insurance Market Analysis by Lines of Business, 2022 (%)

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Turkey General Insurance Market Segmentation by Distribution Channels

The key distribution channels in the Turkey general insurance market are direct marketing, insurance brokers, agencies, bancassurance, and other distribution channels. Agencies led the distribution channels in DWP in 2022. It was followed by insurance brokers. Agencies offer both detailed knowledge of insurance products and a personal customer-centric touch which makes them a preferred distribution channel.

Turkey General Insurance Market Analysis by Distribution Channels, 2022 (%)

Turkey General Insurance Market Analysis by Distribution Channels, 2022 (%)

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Turkey General Insurance Market - Competitive Landscape

Some of the leading insurers in Turkey are Turkiye Sigorta, Anadolu Anonim Turk Sigorta Sirketi, Allianz Sigorta, HDI Sigorta, and Aksigorta among others. Turkiye Sigorta was the leading general insurer in 2022. This was followed by Anadolu Anonim Turk Sigorta Sirketi.

Turkey General Insurance Market Analysis, by Companies, 2022 (%)

Turkey General Insurance Market Analysis, by Companies, 2022 (%)

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Segments Covered in the Report

Turkey General Insurance Market Lines of Business Outlook (Value, TRY Billion, 2018-2027)

  • Property
  • Motor
  • Liability
  • MAT
  • Non Life PA&H

Turkey General Insurance Distribution Channel Outlook (Value, TRY Billion, 2018-2027)

  • Direct Marketing
  • Insurance Brokers
  • Agencies
  • Bancassurance
  • Other Distribution Channels

Scope

This report provides:

  • A comprehensive analysis of the general insurance segment in Turkey.
  • Historical values for the Turkey general insurance segment for the report’s review period and projected figures for the forecast period.
  • Profiles of the top general insurance companies in Turkey and outlines the key regulations affecting them.

Reasons to Buy

  • Key insights and dynamics of Turkey’s general insurance segment.
  • A comprehensive overview of Turkey’s economy, government initiatives, and investment opportunities.
  • Turkey’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
  • Turkey’s general insurance industry’s market structure gives details of lines of business.
  • Turkey’s general reinsurance business market structure gives details of premium ceded along with cession rates.
  • Distribution channels deployed by Turkey’s general insurers.
  • Details of the competitive landscape and competitors’ profiles.

Turkiye Sigorta
Anadolu Anonim Turk Sigorta Sirketi
Allianz Sigorta
HDI Sigorta
Aksigorta
AXA Sigorta
Sompo Sigorta
Quick Sigorta

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Trends and KPIs

Line of Business

Distribution Channel

Competitive Landscape

Deals and Jobs

Competitor Profiles

Reinsurance

Appendix

Frequently asked questions

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