Insurance and Reinsurance

Türkiye’s insurance and reinsurance sector is rapidly developing and is currently ranked 39th globally for premium production and 65th globally for the annual rate of direct premium production per capita. The sector is expanding its scope considerably with both domestic and international projects now amounting to billions of dollars.

Three reinsurance, 40 non-life and 21 life and pension companies are operating in Türkiye. In the participation insurance sector, first established in Türkiye in 2009, a total of 12 companies are presently operating; seven of which are non-life, while five are in the life and/or pension division.

Having grown by 19.3 percent in 2020 despite the economic turbulence worldwide, insurance premium production in Türkiye reached a volume of TRY 82.6 billion. By the end of 2020, premium production was TRY 68.2 billion (with a 17.7 percent increase) in non-life insurance and TRY 14.4 billion (with a 27 percent increase) in life insurance. The number of participants in the private pension and automatic participation system now totals 12.6 million, with the fund size currently standing at TRY 170.2 billion, including state contributions.

The merger of the public insurance companies Halk, Ziraat, Güneş under Türkiye Sigorta umbrella by Türkiye Wealth Fund in 2019 was a milestone for the sector as well.

Both Türkiye's domestic market and the developing markets in the wider geographic region offer a breadth of opportunities in areas including automotive, health and trade receivables; but also in more specific fields such as political and cyber risk.

IFC is located at the heart of a versatile ecosystem often acting as a gateway between the globe’s leading emerging markets that demand a wide variety of insurance and reinsurance services. The IFC is home to all the most important players across the financial sector, including the key international regulatory bodies.