Leading insurance groups in Turkey 2023, by gross written premiums

In 2023, Türkiye Sigorta AS was the leading insurance company operating in Turkey, recording 59.5 billion Turkish lira in gross written premiums. Germany-based Allianz Sigorta AS ranked second on the list, with gross written premiums amounting to over 46.6 billion Turkish lira. Furthermore, Anadolu Anonim Türk Sigorta Şirketi registered more than 44 billion Turkish lira in gross written premiums, making them the third-largest insurance group in the country. 

Insurance ownership among Turkish people

Even though the insurance market demonstrated promising growth in the past couple of years, the insurance density in Turkey followed a fluctuating trend. In 2022, insurance density in the country amounted to 157 U.S. dollars per capita, an increase of 23 U.S. dollars over the previous year. As the Consumer Price Index (CPI) for insurance has been skyrocketing lately, many Turks may not be able to afford it as much as they used to. This is also supported by the results of a survey conducted in 2021, where almost half of the respondents stated that they would not be able to afford to take out any insurance in the future.

As for the most popular types of insurance among Turks, the vast majority owned health insurance, followed by car insurance. On the other hand, some types of insurance are compulsory in Turkey, such as earthquake insurance, which has been required for residential buildings in urban areas since 2001. The policies cover the material losses which are directly caused by an earthquake and any fire, explosion, tsunami, or landslide that might occur as a consequence of an earthquake. By the end of 2023, the number of earthquake insurance policies in the country reached nearly 11.7 million.