Total premium generated in the Türkiye insurance market increased in local currency by almost 52% during Q1 2025 to TRY 304.16 billion (EUR 7.47 billion), according to data released by the Insurance Association of Turkey (TSB). The growth pace slowed as compared with the previous period but remained still very high.

In European currency, as a result of the devaluation of the Turkish lira in relation to the euro, the overall market growth rate was +30.11%. It is also worth noting that the market growth outpaced inflation, which in the beginning of 2025 was one of lowest in recent times, in the range 38%-42%.

Q1 2025 non-life insurance premiums grew by 49.5% in nominal terms to TRY 266.56 billion or EUR 6.55 billion. Life insurance premiums increased by almost 74.67% y-o-y to TRY 37.6 billion (~EUR 923.84 million).

Of the 68 active members of TSB, the company which generated the largest premium volume was the non-life state-owned Türkiye Sigorta with a 13.6% market - GWP of TRY 41.4 billion, followed by Allianz Sigorta (market share of 10%) and Anadolu Anonim Turk Sigorta Sirketi (7.6%).

Access xprimm.com and download the Q1 2025 Turkish insurance market statistics.