The insurance industry in Türkiye aims to double its premium income to about $44.3bn and reach a penetration level of 4.8% in 2030, said Insurance Association of Türkiye (TSB) chairman Ugur Gulen at a media meeting.
At present, the annual premium income generated by the sector is around $22bn with an insurance penetration rate of 2.3%.
Local media reports quoted Mr Gulen as saying that the 2030 goal will be achieved by increasing:
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penetration in compulsory branches to 100%, insurance coverage rate in casco from 25% to 40%,
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subscriptions to the private pension system by 68%,
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annuity and investment fund insurance in the life branch by 30%, expanding supplementary health insurance (TSS), private health insurance (OSS), and various financial insurance lines.
He said, “Our most important goals are to become an easily accessible sector where the insured can transfer risks safely and peacefully, secure all kinds of risks, and to increase the contribution of insurance to the economy. On this path, we have started to determine the areas where we will take steps together with all our stakeholders, especially SEDDK.”
SEDDK is the Insurance and Private Pension Regulation and Supervision Agency that oversees the insurance and pension sectors.