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The Insurance Association of Turkey (TSB) has reported that the turnover of the whole market in 2021 has reached 105.3 billion TRY (9.18 billion USD), which is 27.5% higher than in 2020.
Non-life premiums grew by 28.5% to reach 87.6 billion TRY (7.6 billion USD). As for the life activity, it has recorded a 22.8% growth of premiums standing at 17.7 billion TRY (1.5 billion USD).
It should be noted that TSB's statistics do not take into account the inflation rate. In 2021, Turkey witnessed the highest inflation in the last two decades.
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