The Insurance Association of Turkiye (TSB) anticipates that, with adjustments for inflation, the Turkish insurance industry will likely report a premium volume of around TRY1.75tn ($38.12bn) this year, according to its President, Mr Ahmet Yasar.
"In our initial projections, we aimed to close 2026 with a figure around TRY1.6tn,” he told the media organisation Anadolu Agency. This means that the forecast premium income for 2026 is raised by over 9%. In 2025, the total premium volume was TRY1.2tn.
Mr Yasar said that the sector's premium production was slightly below expectations. This year, the sector is trying to offer coverage under more favoruable conditions to increase the premium volumes.
He indicated that the Turkish insurance market needs to reach the level of the economy, which is the 16th largest in the world. He said, “Our target for 2030 is to reach a premium volume of $50bn and a penetration rate of 4.7%, but it's better to say 5% when rounded."
He said that when only insurance is considered, the penetration rate is around 1.9%. He noted that pension funds are also included in insurance penetration calculations worldwide, adding, "We are at the peak of recent years. We brought it up to 2.68% in 2025.”