Türkiye: Premiums in insurance market expected to rise by 35-40% in 2025
Source: Middle East Insurance Review | May 2025
The insurance industry is projected to increase total premiums by 35-40% in 2025, as inflation slows, according to data from the Insurance Association of Türkiye (TSB).
In 2024, the insurance market generated TRY838bn ($22bn) of premiums, a 72.5% increase over 2023.
The average inflation rate in Türkiye was around 58.5% in 2024 and projected at 24% for this year.
Technical profits in the insurance sector increased by 69% in 2024, reaching TRY103.6bn. Of this, TRY84bn was derived from non-life branches, and TRY19.6bn from the life and pension branches, according to a Finans Gundem report, quoting TSB board member Ms Neslihan Neciboglu.
Net profits increased by 57% year on year to TRY103.9bn in 2024.
2024 stands out as a year of strong growth and financial solidity for the insurance sector, said TSB president Mr Ugur Gulen.
He said, “The insurance sector reinforced its financial resilience by continuing to strengthen its equity structure. In 2024, equity size increased by 74% to TRY265.3bn. In 2024, the total asset size of the insurance sector increased by 61% to TRY2.29tn.” M