Leading insurance groups in Turkey 2021, by gross written premiums

In 2021, Türkiye Sigorta AS was the leading insurance company operating in Turkey, recording 11.7 billion Turkish lira in gross written premiums. Anadolu Anonim Türk Sigorta Şirketi ranked second on the least, with gross written premiums amounting to 10.7 Turkish lira. Furthermore, German-based Allianz Sigorta AS registered nearly 10 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 did not follow an upward trend. In 2021, insurance density in the country amounted to 134 U.S. dollars per capita, a decrease of 34 U.S. dollars from the peak value recorded in 2013. 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 2022, the number of earthquake insurance policies in the country reached nearly 11 million.