MENA: Türkiye overtook KSA in premium volume in 2023

Source: Middle East Insurance Review | Sep 2024

In its report titled ‘World insurance: Strengthening global resilience with a new lease of life’, the Swiss Re Institute (SRI) pegged the Turkish insurance sector as the largest among 13 MENA markets. Saudi Arabia fell to second place. In global rankings, though, Türkiye was the 33rd biggest insurance market.

The Turkish insurance industry grew by 35.6% in real terms in 2023 to $19.2bn. This was the fastest growth rate among the 13 markets in the region.

In contrast to Türkiye and Saudi Arabia, several small markets such as Egypt and Algeria saw a decline in premium income in real terms. One reason for this was the depreciation of their currency against the US dollar. M

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