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The Turkey Insurance Association (TSB) has published the market's provisional figures as at 31 December 2022. On this date, local insurance companies have recorded a turnover of 235.011 billion TRY (12.552 billion USD), a significant increase (in original currency) of 123.2% over one year.
With 86.9% of the market share, the non-life class of business has posted a premium production of 204.153 billion TRY (10.904 billion USD), showing a 133.1% growth compared to the same period in 2021.
As for life premiums, they went up by 74.1% to reach 30.858 billion TRY (1.648 billion USD) by the end of 2022. This activity represents 13.1% of the total premiums written in Turkey in 2022.
TSB's statistics do not take into account the inflation rate, which stood at 64.3% in 2022.