BAKU, Azerbaijan, October 28. Total insurance premiums are expected to double in Türkiye from $14.4 billion in 2021 to $30 billion by the end of 2025, Secretary General of the Turkish Insurance Association Ozgur Obali said at the "Turkic States InsurTech Summit 2025" held in Baku today, Trend reports.
"When we look at the Turkish insurance market, we see that this market continues to grow in a fairly stable and sustainable manner. Currently, 68 insurance companies operate in the sector. A few years ago, this figure was more than 70, but recently consolidation trends have been observed in the market," he recalled.
According to him, currently about 34 million people are active insured persons in Türkiye.
"This is equivalent to about half of the population with insurance potential. When passively insured people are included, this figure rises to 45 million.
As of September 2024, premiums have increased by about 30 percent annually, reaching $22.1 billion. The value of total assets has exceeded $77.5 billion, and the total amount of guarantees provided has exceeded $22 trillion. This figure is approximately 22 times the country's gross domestic product (GDP).
Just as insurance is as important as breathing for humans, it is also vital for the sustainability of Türkiye's economic ecosystem," he explained.
Obali emphasized that the insurance sector also plays an important role in terms of employment.
"Currently, more than 27,500 people are directly employed in the sector. In addition, this ecosystem, together with brokers, agencies, company employees, hospitals, repair shops, and other partners, covers a total of approximately 350,000 people. This dynamic development has made Türkiye an attractive insurance center on a regional scale.
When looking at the breakdown by branches (i.e., types of insurance), it can be seen that the Turkish insurance market shows a relatively balanced structure. Casco and compulsory motor insurance (MTPL and MOD) still have a large share of the market, i.e., they make up approximately half of the total portfolio.
However, this share is gradually decreasing, which is considered a positive trend. Health insurance in particular has gained a significant share of the market, demonstrating record growth in recent years. This also raises hopes for the future of the insurance sector.
When looking at insurance sales channels, agencies still play a dominant role, especially in areas other than life insurance. More than half of total premiums still continue to be collected through agents, that is, through classical methods," Obali stressed.
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